ExcelFin Acquisition and Baird Medical provide update to business combination

ExcelFin Acquisition and Baird Medical, a microwave ablation medical device developer and provider in China and the U.S., announced a strategic update to their previously announced business combination agreement. In December 2021, China’s National Medical Products Administration announced that it would subject devices for medical devices intended for human body insertion to the more stringent Class III certification. Baird Medical’s Class III certificate was approved in July 2023. Baird Medical is one of only four entities to hold Class III certificates for MWA devices for thyroids. Baird Medical recorded 2023 revenues 29% below its projections. The updated transaction terms were in part driven by Baird Medical’s lower than expected 2023 results. Baird Medical aims to increase the percentage of the procedure’s expenses eligible for reimbursement. Baird Medical has agreed to subject 30% of the Baird Medical shares to an earnout, with vesting achieved if the volume-weighted average price is greater than or equal to $12.50 over any 20 trading days within a 30-day trading period. Baird Medical has made the strategic decision to waive the previously agreed upon minimum cash condition of $15M.