---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-033517"
form_type: "8-K"
ticker: null
cik: "0001852749"
company_name: "ExcelFin Acquisition Corp."
filed_at: "2024-03-12T23:59:59+00:00"
generated_at: "2026-06-04T23:24:22.292413+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-24-033517
- form_type: 8-K
- cik: 0001852749
- company_name: ExcelFin Acquisition Corp.
- filed_at: 2024-03-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1852749/000110465924033517/0001104659-24-033517-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1852749/000110465924033517/tm244137d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-033517
- JSON: https://secwatch.observer/filing/0001104659-24-033517.json
- Plain text: https://secwatch.observer/filing/0001104659-24-033517.txt

## Key facts
- Material Agreements
  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
  source text: (“ ExcelFin ”), Betters Medical Investment Holdings Limited (“ Betters ”), Baird Medical Investment Holdings Limited (“ PubCo ”), Betters Medical Merger Sub, Inc.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1852749/000110465924033517/0001104659-24-033517-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.