ExcelFin Acquisition in an 8-K said sharesholders approved pushing the SPAC’s deadline to July 2025. The extra time is needed, the SPAC has said, to finalize its deal with Baird Medical, a microwave ablation medical device developer and provider in China and the United States.
The parties last month waived the $15 million minimum cash condition.
ExcelFin said 662,217 shares were redeemed, or about 9% of shares outstanding.
The deal with China-based Baird was announced in June at an implied pro forma enterprise value of approximately $370 million. That value assumed 50% redemptions by E
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.
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.
The SPAC oroginally raised $200 million in an October 2022 IPO. Read more.
