ExcelFin Acquisition in an 8-K included an investor presentation promoting its proposed merger with Baird Medical Investment Holdings.
The deal with China-based Baird Medical was announced in June 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.
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.
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