Chinese medical tech firm Baird Medical to go public via merger with PE-backed SPAC ExcelFin

• The combined company will have an estimated post-transaction enterprise value of $370 million
• Proceeds from the transaction will be used to fund growth
• The deal is expected to close in the fourth quarter of 2023

Baird Medical, a Chinese medical tech company, has agreed to go public via a merger with ExcelFin Acquisition Corp, a blank check company whose backers include Grand Fortune Capital, LLC and Fin Venture Capital.

When the deal closes, the combined company will operate as Baird Medical Investment Holdings Limited and be listed on the NASDAQ under the new ticker symbol “BDMD.”

On the transaction, Joe Ragan, CEO, chief financial officer and director of ExcelFin, in a statement, “We are very excited to be joining forces with Ms. Haimei Wu and her excellent team at Baird Medical, given their strong track record in the medical device industry. We are confident that capitalizing on our experience and network globally will catalyze a successful new chapter of growth and innovation for Baird Medical as a public company.”

The combined company will have an estimated post-transaction enterprise value of $370 million. Proceeds from the transaction will be used to fund growth.

The deal is expected to close in the fourth quarter of 2023.

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acts as ExcelFin’s lead financial and capital markets advisor. Exos Securities also serves as financial and capital markets advisors to ExcelFin. Shearman & Sterling LLP is acting as ExcelFin’s legal counsel, Dechert is acting as Baird Medical’s legal counsel, and Ropes & Gray LLP is acting as Cohen’s legal counsel.

Baird Medical was established in 2012.

GFC invests in fintech, TMT and healthcare. And, Fin is a private equity firm focused on fintech software.