ExcelFin Acquisition filed a proxy seeking a deadline extension on its deal with Baird Medical to Dec. 25.
Baird is a microwave ablation medical device developer and provider in china and the United States.
The deal with China-based Baird was announced a year ago 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.
The parties in March waived the $15 million minimum cash condition.
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.
Source: ExcelFin Acquisition Wants 6 More Months
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- Source: https://spacfeed.com/excelfin-acquisition-wants-6-more-months
