ExcelFin Acquisition announced that a stockholders meeting originally scheduled for April 18 to vote on a deal extension has been adjourned to April 23. Shareholders are expected to consider a proposal to extend the SPAC’s merger completion date with Baird Medical from April 25 to July 25.
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 target is a microwave ablation medical device developer and provider in China and the United States. Baird was established in 2012.
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.
