Baird Medical amends SPAC merger terms; revenue slumped 29% below projections

ExcelFin Acquisition Corp.

30% of Betters Medical's shares (8.8M PubCo shares) subject to earnout at $12.50 VWAP over 20 of 30 days.
Minimum cash condition of $15M waived, removing a key closing condition.
Maximum extension date moved from June 25, 2024 to May 25, 2024.
Baird Medical's 2023 revenue came in 29% below its prior projections due to inventory buildup and Class III re-registration delays.
Baird Medical holds Class III certificate for MWA devices; only four entities in China have one.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ExcelFin Acquisition Corp. amended First Amendment to the Business Combination Agreement with Betters Medical Investment Holdings Limited valued at Amendment to business combination agreement, including changes to earnout shares, SPAC closing cash (effective 2024-03-11).

Action: amendment
Agreement: merger
Counterparty: Betters Medical Investment Holdings Limited
Value: Amendment to business combination agreement, including changes to earnout shares, SPAC closing cash
Effective: 2024-03-11

Exact text from the filing

(“ ExcelFin ”), Betters Medical Investment Holdings Limited (“ Betters ”), Baird Medical Investment Holdings Limited (“ PubCo ”), Betters Medical Merger Sub, Inc.

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Source: SEC EDGAR

accession 0001104659-24-033517

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