International law firm Dechert has advised Baird Medical Investment Holdings Limited (“Baird Medical”), a leading medical device developer and provider, on its business combination with ExcelFin Acquisition Corporation (“ExcelFin”) (NASDAQ: XFIN), a publicly traded Special Purpose Acquisition Company (SPAC). Once closed, the deal will result in the listing of Baird Medical on the Nasdaq Stock Market under the new ticker symbol BDMD.
The proposed transaction represents a pre-money equity value of US$300 million for Baird Medical and an implied pro forma enterprise value of approximately US$370 million for the combined company. Both ExcelFin’s and Baird Medical’s respective boards of directors have unanimously approved the proposed transaction, which is expected to close in the fourth quarter of 2023, subject to regulatory and shareholder approvals.
Baird Medical is a leading microwave ablation (MWA) medical device developer and provider in China. Its proprietary MWA medical devices are used for treatment of benign and malignant tumors including thyroid nodules, liver cancer, lung cancer and breast lumps. 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.
“We are delighted to have represented Baird Medical in this milestone transaction, which holds significance not only for the company itself but also for the market. Subject to regulatory approval, this transaction could be the first de-SPAC deal since the new regulations for overseas listing of PRC companies came into effect on March 31 of this year,” said Yang Wang, managing partner of Dechert’s Beijing office, “Our team has advised on a number of high-level and complex de-SPAC transactions, leveraging our strong capital markets and cross-border capabilities. This transaction serves as yet another testament to our expertise in this field.”
The Dechert team which advised on the matter was led by corporate partners Yang Wang and Stephen Leitzell, and assisted by associates Kenneth Winterbottom, Gurbir Sandhu, Dian Wang and Michelle Bigony across China and the U.S. Additional support was provided by tax partner Joshua Milgrim and associate Abigail Hopper.
Dechert is a leading global law firm with 21 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for clients.
Hong Kong +852 3518 4732
Beijing +8610 5829 1332
