now loading...
Wealth Asia Connect Middle East Treasury & Capital Markets Europe ESG Forum TechTalk

Treasury & Capital Markets
Dechert advises on Baird-ExcelFin de-Spac deal
First such transaction since new regulations for overseas listing of PRC firms took effect
The Asset 3 Jul 2023

International law firm Dechert has advised Baird Medical Investment Holdings on its business combination with ExcelFin Acquisition Corporation (ExcelFin), a publicly traded special purpose acquisition company (Spac) which, once closed, will result in the listing of Baird Medical on the Nasdaq stock market.

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 approved the proposed transaction, which is expected to close in the fourth quarter of 2023.

Baird Medical is a microwave ablation (MWA) medical device developer and provider in China. Its MWA medical devices, the company says, are used for treatment of benign and malignant tumours, 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.

“Subject to regulatory approval, this transaction could be the first de-Spac deal since the new regulations for overseas listing of PRC [People’s Republic of China] companies came into effect on March 31 of this year”, notes 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.”

The Dechert team was led by corporate partners Yang Wang and Stephen Leitzell, and assisted by associates Kenneth Winterbottom, Gurbir Sandhu, Dian Wang, Michelle Bigony and Tanzila Mahmood across China and the US.

Conversation
Domenico Nardelli
Domenico Nardelli
treasurer
Asian Infrastructure Investment Bank
- JOINED THE EVENT -
19th Asia Bond Markets Summit - China Edition
China's next act - retrofitting for tomorrow
View Highlights
Conversation
Serena Tan
Serena Tan
senior analyst, responsible investments
Nordea Asset Management
- JOINED THE EVENT -
In-person roundtable
Tech in ESG
View Highlights