Company Overview - Betters Medical Investment Holdings Limited, also known as Baird Medical, is a leading developer and provider of microwave ablation (MWA) medical devices in China, recently expanding into the U.S. market after receiving US FDA 510(k) clearances [1][6] - Baird Medical specializes in proprietary medical devices for treating benign and malignant tumors, including thyroid nodules, liver cancer, lung cancer, and breast lumps [6] Business Combination - Baird Medical has completed a business combination with ExcelFin Acquisition Corp, a publicly traded special purpose acquisition company, resulting in the formation of a new listed company, Baird Medical Investment Holdings Limited (PubCo) [1] - The shares and warrants of PubCo will begin trading on Nasdaq under the ticker symbols "BDMD" and "BDMDW" starting October 2, 2024 [1] Special Meeting and Approval - On September 26, 2024, ExcelFin held a special meeting where 91.36% of the voting capital stock was represented, with approximately 99.9% of votes cast in favor of the business combination [2] Financial Investment - Following the completion of the business combination, the founders of Baird Medical and Grand Fortune Capital, LLC, co-sponsor of ExcelFin, subscribed to a $4,900,000 Convertible Preferred investment in the company [3] Legal and Financial Advisors - Dechert LLP is serving as legal counsel to Baird Medical, while Allen Overy Shearman Sterling US LLP is legal counsel to ExcelFin [4] - Cohen & Company Capital Markets is the lead financial advisor to ExcelFin, along with EXOS Capital LLC, Roth Capital LLC, and Haitong International Securities (USA) Inc. [4] Regulatory Filings - The business combination was formalized through a Business Combination Agreement, with a registration statement filed with the SEC that includes a proxy statement and prospectus related to the transaction [5]
Baird Medical and ExcelFin Acquisition Corp Complete Business Combination