ExcelFin Acquisition in an 8-K said shareholders approved extending the SPAC’s completion deadline up to April 25, 2024, through an initial three-month extension followed by three monthly extensions. The regulatory filing did not mention redemptions, if any.
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.
