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ExcelFin Acquisition Corp Class A Common Stock (NASDAQ: XFIN) represents a dynamic entity in the financial market, specifically as a blank check company. Formed as a Delaware corporation, ExcelFin aims to complete mergers, share exchanges, asset acquisitions, and similar business combinations with one or more businesses within the FinTech, TMT (Technology, Media, and Telecommunications), and Healthcare sectors.
Recently, ExcelFin has entered into a definitive business combination agreement with Baird Medical Investment Holdings Limited, a pioneering medical technology company based in Guangzhou, China. This agreement will result in Baird Medical becoming a publicly traded company on the Nasdaq, under the new ticker symbol BDMD. Baird Medical specializes in microwave ablation (MWA) medical devices, which are increasingly recognized in China for treating various tumors, including thyroid nodules, liver cancer, lung cancer, and breast lumps.
Baird Medical holds a significant market position as the largest MWA medical device provider in China for thyroid nodules and breast lump treatment, according to Frost & Sullivan. The company's advanced MWA technology offers substantial benefits to patients and healthcare providers by providing minimally invasive, effective treatments that reduce public healthcare costs.
ExcelFin’s strategic partnership with Baird Medical includes significant financial arrangements and advisory support, aiming to expand Baird Medical's global footprint. The combined company is expected to have an estimated post-transaction enterprise value of $370 million, with substantial proceeds directed towards growth initiatives. Additionally, ExcelFin's sponsors, Grand Fortune Capital, LLC and Fin Venture Capital, bring extensive experience in M&A transactions and investments in the FinTech, TMT, and Healthcare sectors.
The business combination has received unanimous approval from the boards of directors of both ExcelFin and Baird Medical, with the transaction expected to close in the fourth quarter of 2023, pending regulatory and shareholder approvals. The merger will significantly bolster Baird Medical's operations, providing capital and international connections to accelerate growth and innovation in the medical field.
ExcelFin’s leadership, including CEO Joe Ragan, is confident in the potential of this transformative merger to enhance Baird Medical’s capabilities and market reach. Baird Medical’s founder and CEO, Ms. Haimei Wu, echoes this optimism, highlighting the partnership’s potential to drive the company's vision of improving healthcare through advanced treatments.
Baird Medical, a leading microwave ablation (MWA) medical device developer in China with recent expansion into the U.S. market, and ExcelFin Acquisition Corp (NASDAQ: XFIN) have completed their business combination. The resulting company, Baird Medical Investment Holdings (PubCo), will begin trading on Nasdaq under the symbols 'BDMD' and 'BDMDW' on October 2, 2024.
At ExcelFin's special meeting, 99.9% of votes cast approved the business combination. Upon completion, founders of Baird Medical and Grand Fortune Capital, subscribed to a $4,900,000 Convertible Preferred investment in the Company. The transaction involved various advisors, including Dechert LLP, Allen Overy Shearman Sterling US LLP, and Cohen & Company Capital Markets, among others.
Baird Medical, a leading microwave ablation (MWA) medical device developer in China, and ExcelFin Acquisition Corp (NASDAQ: XFIN) have announced the effectiveness of Baird Medical Investment Holdings 's registration statement on Form F-4. This marks a important step towards Baird Medical becoming a publicly-traded company on Nasdaq through their proposed business combination.
ExcelFin has scheduled a Special Meeting of Stockholders for September 26, 2024, to approve the business combination. The transaction is expected to close shortly after stockholder approval and satisfaction of other customary closing conditions. Stockholders are urged to review the proxy statement/prospectus and other relevant documents filed with the SEC for important information about the proposed transaction.
ExcelFin Acquisition Corp. (Nasdaq: XFIN) announced that as of December 13, 2021, holders of its initial public offering units can separately trade Class A common stock and warrants. The Class A common stock will trade under the ticker XFIN, while the warrants will trade under XFINW. Each unit consists of one share of Class A common stock and one-half of a redeemable warrant, with whole warrants exercisable at $11.50 per share. Units not separated will continue trading as XFINU.
ExcelFin Acquisition Corp. (NASDAQ: XFIN) has priced its initial public offering (IPO) at
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