ExcelFin Acquisition said it adjourned today’s shareholder meeting to vote on an extension until Oct. 20.
The press release also states that the meeting will be held at 10 a.m., Eastern on Oct. 22, so stakeholders may want to contact the SPAC for clarity: (800) 662-5200.
The SPAC wants to move its completion deadline from Oct. 25 to April 25, 2024, through an initial three-month extension followed by three monthly extensions.
The SPAC has a merger agreement with China-based Baird Medical Investment Holdings at an implied pro forma enterprise value of approximately $370 million.
That value assumes 50% redemptions by ExcelFin shareholders. 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.
The SPAC raised $200 million in an October 2022 IPO. Read more.
