Chinese corporation Baird Medical has signed a definitive business combination agreement with special purpose acquisition company ExcelFin Acquisition.

The combined company will operate as Baird Medical Investment Holdings once the proposed transaction is completed.

Assuming 50% redemptions by ExcelFin public shareholders, the post-transaction enterprise value of the merged company is projected to be approximately $370m.

The deal includes a $15m minimum closing cash condition. Proceeds from the deal will be used for the growth of the entity.

To enable the transaction, ExcelFin’s sponsor affiliate Grand Fortune Capital will buy approximately $8.8m of Baird Medical’s current debt from BOCI Investment.

The respective boards of directors of ExcelFin and Baird Medical have approved the transaction unanimously and subject to regulatory and shareholder approvals, the transaction is expected to be completed in the fourth quarter of this year.

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Baird Medical founder and CEO Haimei Wu said: “We believe ExcelFin’s partnership and international connections will provide us with the necessary resources to further expand our presence in the global market, accelerate our growth trajectory and continue delivering innovative medical solutions to patients worldwide.”

Established in 2012, Baird Medical develops and supplies microwave ablation medical devices in China.

These devices are suitable to treat benign and malignant tumours, including breast lumps, lung cancer, liver cancer and thyroid nodules.

ExcelFin CEO, CFO and director Joe Ragan said: “We are confident that capitalising on our experience and network globally will catalyse a successful new chapter of growth and innovation for Baird Medical as a public company.”