ExcelFin Acquisition said a shareholder meeting to consider a deadline extension is postponed until April 25. Shareholders are being asked to grant the SPPAC an extension until July 25.
As of April 19, the company said it had received redemption requests for 881,205 shares, which would leave 1,320,328 shares outstanding.
If the extension is approved, the SPAC’s sponsor has agreed to deposit into trust the lesser of $50,000 or 2 cents a share for each month required up to the new deadline.
ExcelFin has a deal with Baird Medical, a microwave ablation medical device developer and provider in China and the United States. Baird was established in 2012.
The parties last month agreed to waive the $15 million minimum cash closing condition. Baird Medical also agreed to subject 30% of its shares to be received in the transaction to an earnout at a $12.50 trading price.
The deal with China-based Baird was announced last June at an implied pro forma enterprise value of approximately $370 million.
If approved, Baird is expected to trade on the Nasdaq under the ticker symbol BDMD. Read more.
