Perfect Corp., an artificial intelligence and augmented reality company known for its beauty and fashion technology, said that it has agreed to go private. The company signed a merger deal with ProjectNY, a firm controlled by Perfect Corp.’s own founder, chief executive officer and chairwoman, Alice H. Chang.

Under the agreement, shareholders will receive $2 in cash for each share they own. This payout gives investors a premium of about 48 percent compared to the stock’s price before the company first announced it was considering going private earlier this year.

Shares of the company jumped 10 percent this morning on news of the deal to $1.91. Trading volume was heavy at 3.6 million, which compares to an average volume of 73,000.

The deal is expected to close in the final three months of 2026, though it still needs to be approved by shareholders.

A group of major investors, including the chairwoman and CyberLink, already hold over eighty percent of the company’s voting power and have agreed to vote in favor of the deal. Once the merger is complete, Perfect Corp. will officially become a private company, and its shares will no longer be traded on the New York Stock Exchange.

Earlier this week, Perfect Corp., which offers the YouCam beauty apps, was touting its AI tools to software developers at a tech conference in Berlin. The company has a booth at the WeAreDevelopers World Congress, where it is letting visitors try out features such as AI-powered skin analysis and virtual try-on tools for makeup, apparel and jewelry.

Perfect Corp. said in a statement that it is also using the event to promote a hackathon it kicked off earlier this month. Developers, students and anyone else interested can sign up on Devpost to build something using the company’s skincare and clothing try-on technology.

Entrants get 1,000 free credits to work with, and the top projects can win up to $5,000. Submissions are due August 16.