China-based Baird Medical Investment Holdings and ExcelFin Acquisition today announced a business combination agreement at an implied pro forma enterprise value of approximately $370 million.
The enterprise value assumes 50% redemptions by ExcelFin shareholders. Proceeds from the transaction will be used to fund growth. The transaction includes a $15 million minimum closing cash condition. To facilitate the deal, Grand Fortune Capital, a sponsor affiliate of ExcelFin, has agreed to purchase approximately $8.8 million of Baird Medical’s current debt from BOCI Investment Limited, one of Betters’ current preferred shareholders.
If approved, upon closing Baird Medical Investment Holdings would be listed on the Nasdaq under the new ticker symbol BDMD.
Baird Medical is the largest Microwave Ablation medical device provider for thyroid nodules and breast lump treatment in China. The company’s products are designed for less invasive tumor treatment.
Cohen & Company Capital Markets is ExcelFin’s lead financial and capital markets advisor. Exos Securities also serves as financial and capital markets advisors to ExcelFin. Shearman & Sterling is ExcelFin’s legal counsel, Dechert is acting as Baird Medical’s legal counsel, and Ropes & Gray is acting as Cohen’s legal counsel. Read more.
