ExcelFin Acquisition in an 8-K said it and merger partner Baird Medical agreed to extend the maximum extension date for completing their deal from May 25 to Aug 25.
The SPAC’s shareholders last month approved a termination deadline on operating up to July 2025.
Baird Medical is a microwave ablation medical device developer and provider in China and the United States.
The parties in March waived the $15 million minimum cash condition.
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 ExcelFin shareholders.
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 originally raised $200 million in an October 2022 IPO. Read more.
