NEW
YORK, Oct. 1, 2024 /PRNewswire/ -- Betters
Medical Investment Holdings Limited ("Baird Medical" or the
"Company"), a leading microwave ablation ("MWA") medical device
developer and provider in China
(which has recently expanded into the U.S. market following its
receipt of US FDA 510(k) clearances), and ExcelFin Acquisition
Corp. ("ExcelFin") (NASDAQ: XFIN), a publicly traded special
purpose acquisition company, today announced the completion of
their previously announced business combination (the "Business
Combination"). The listed company resulting from the Business
Combination is Baird Medical Investment Holdings Limited ("PubCo"),
and its shares and warrants will commence trading on the Nasdaq
under the ticker symbols "BDMD" and "BDMDW", respectively, on
October 2, 2024.
On September 26, 2024, ExcelFin held a special meeting of
its stockholders (the "Special Meeting") to consider and vote upon
a proposal to approve the Business Combination described in the
proxy statement/prospectus. At the Special Meeting, in person or by
proxy, the holders of 6,015,236 shares of ExcelFin's Class A
common stock, constituting 91.36% of the issued and outstanding
voting capital stock of ExcelFin entitled to vote, were present at
the Special Meeting. Approximately 99.9% of the votes cast at the
Special Meeting were in favor of approving the Business
Combination. Complete official results of the vote are included in
a current report on Form 8-K filed by ExcelFin with the U.S.
Securities and Exchange Commission (the "SEC").
Upon completion of the Business Combination, founders of Baird
Medical and Grand Fortune Capital, LLC, co-sponsor of ExcelFin
Acquisition Corporation, subscribed to a $4,900,000 Convertible Preferred investment in
the Company.
Advisors
Dechert LLP is serving as legal counsel to Baird Medical. Allen
Overy Shearman Sterling US LLP is serving as legal counsel to
ExcelFin. Cohen & Company Capital Markets, a division of J.V.B.
Financial Group LLC, is serving as the lead financial advisor and
capital markets advisor to ExcelFin, along with EXOS Capital LLC,
Roth Capital LLC, and Haitong International Securities
(USA) Inc.
Additional Information and Where to Find It
On June 26, 2023, ExcelFin, Baird
Medical, PubCo, Betters Medical Merger Sub, Inc., Betters Medical
Merger Sub 2, Inc., Betters Medical NewCo, LLC and Tycoon Choice
Global Limited entered into a Business Combination Agreement as
amended from time to time (the "Business Combination Agreement").
In connection with the transactions contemplated by the Business
Combination Agreement (the "Transactions"), PubCo filed with the
SEC a registration statement on Form F-4 (the "Registration
Statement") (Registration No. 333-274114). The Registration
Statement includes both the proxy statement that was distributed to
ExcelFin's stockholders in connection with ExcelFin's solicitation
of proxies for the vote by ExcelFin's stockholders with respect to
the Business Combination and other matters as described in the
Registration Statement, as well as the prospectus relating to the
offer and sale of the securities of PubCo to be issued in
connection with the Business Combination. The Registration
Statement was declared effective by the SEC on September 5, 2024. Stockholders and investors may
obtain free copies of the proxy statement/prospectus and other
relevant materials and documents filed by PubCo and ExcelFin with
the SEC at the SEC's website at www.sec.gov.
About Baird Medical
Established in 2012 and headquartered in Guangzhou, China, Baird Medical is a leading
microwave ablation ("MWA") medical device manufacturer and provider
in China (and a recent entrant to
the United States market). Baird
Medical's proprietary medical devices are used for the treatment of
benign and malignant tumors including thyroid nodules, liver
cancer, lung cancer and breast lumps. Baird Medical is the first
company to obtain a Class III medical devices registration
certificate for MWA medical devices specifically indicated for
thyroid nodules in China. For more
information, please visit http://www.bairdmed.com/.
About ExcelFin
ExcelFin is a blank check company formed as a Delaware corporation for the purpose of
effecting a merger, share exchange, asset acquisition, share
purchase, reorganization, or similar business combination with one
or more businesses. ExcelFin's sponsors include Grand Fortune
Capital, LLC ("GFC") and Fin Venture Capital ("Fin"). GFC is an
affiliate of an investment group that completed a series of
significant M&A transactions and investments in FinTech,
Technology, Media, and Telecommunications and Healthcare. Fin
is a private equity firm focused on FinTech software.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally relate to future events or ExcelFin's, Baird
Medical's, PubCo's or Tycoon's future financial or operating
performance. In some cases, you can identify forward-looking
statements by terminology such as "may", "could", "should",
"expect", "intend", "might", "will", "estimate", "anticipate",
"believe", "budget", "forecast", "intend", "plan", "potential",
"predict", "potential" or "continue", or the negatives of these
terms or variations of them or similar terminology. Forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are based upon estimates and assumptions
that, while considered reasonable by ExcelFin and Baird Medical and
their management, are inherently uncertain. New risks and
uncertainties may emerge from time to time, and it is not possible
to predict all risks and uncertainties. You should not place undue
reliance on forward-looking statements in this press release, which
speak only as of the date they are made and are qualified in their
entirety by reference to the cautionary statements herein. None of
PubCo, ExcelFin, or Baird Medical undertakes any duty to update
these forward-looking statements.
Actual results may vary materially from those expressed or
implied by forward-looking statements based on a number of factors,
including, without limitation: (1) risks related to the
consummation of the Transactions; (2) the risk that Baird Medical
may not be successful in expanding its business in China or the United
States; (3) the inability to recognize the anticipated
benefits of the Transactions; (4) unexpected costs resulting from
the Transactions; (5) changes in general economic conditions; (6)
regulatory conditions and developments; (7) changes in applicable
laws or regulations; (8) the nature, cost and outcome of pending
and future litigation and other legal proceedings, including any
such proceedings related to the Transactions and instituted against
PubCo, ExcelFin, Baird Medical or others; and (9) other risks and
uncertainties from time to time described in the Registration
Statement relating to the Transactions, including those listed
under the section titled "Risk Factors" therein, and in ExcelFin's
other filings with the SEC.
The foregoing list of factors is not exclusive. Additional
information concerning certain of these and other risk factors is
contained in ExcelFin's most recent filings with the SEC and in the
Registration Statement described above filed by PubCo in connection
with the Transactions. All subsequent written and oral
forward-looking statements concerning ExcelFin, Baird Medical,
PubCo or Tycoon, the Transactions described herein or other matters
attributable to ExcelFin, Baird Medical, PubCo, Tycoon or any
person acting on their behalf are expressly qualified in their
entirety by the cautionary statements above. Readers are cautioned
not to place undue reliance upon any forward-looking statements,
which speak only as of the date made. Each of ExcelFin, Baird
Medical, PubCo and Tycoon expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in their expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Contacts
Investor Relations
Robin Yang, Partner
ICR, LLC
Phone: +1 (646) 308-1475
Email: BairdMedical.IR@icrinc.com
Public Relations
Brad Burgess, Senior Vice
President
ICR, LLC
Phone: +1 (646) 588-0383
Email: BairdMedical.PR@icrinc.com
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SOURCE ExcelFin Acquisition Corp