Baide Medical plans to go public: the new company is priced at 370 million US dollars, the filing is approved, and the roadshow PPT is exposed

Lei Jianping on January 5

Baird Medical Investment Holdings Limited ("Baird Medical") has entered into a merger agreement with ExcelFin Acquisition Corp, an offshore special purpose acquisition company, to prepare for listing on the NASDAQ in the United States.

The merger transaction has obtained the filing notice of overseas issuance and listing from the China Securities Regulatory Commission, which also means that the key to listing has been obtained.

The domestic operating entity of Baird Medical is Baide (Suzhou) Medical Co., Ltd. (hereinafter referred to as "Baide Medical"). Patek Medical is a developer and provider of microwave ablation medical devices for minimally invasive treatment of tumors, and its product supply and pipeline products mainly include microwave ablation therapy devices and microwave ablation needles used in conjunction with treatment instruments.

Microwave ablation is a technique that uses microwave energy to destroy cells and tissues. Under the guidance of medical imaging equipment such as B-ultrasound and CT, the tumor is exposed through the laparoscopic hole or open incision, and then the microwave ablation needle is inserted into the tumor. The microwave heat released by the microwave ablation device ablates (destroys) the tumor tissue, usually within 10 minutes through the microwave ablation needle.

Microwave ablation therapy can prevent cancer progression by inhibiting the progression of benign tumors to malignant tumors.

In September 2022, Baide Medical also passed the listing hearing of the Hong Kong Stock Exchange, and originally planned to be listed on the Hong Kong Stock Exchange on October 5 of the same year, with an issue price of HK$1.4, issuing 248 million shares, and raising a net amount of HK$259 million. But Patek Medical eventually canceled the release.

Paterk Medical said that in view of the inquiries made by regulators, the company needs more time to respond to regulatory inquiries, and after consulting with the joint global coordinators, the company has decided that the global offering will be delayed and will not proceed in accordance with the prospectus.

On June 26, 2023, Paterk Medical entered into a definitive merger agreement with ExcelFin Acquisition Corp. ("ExcelFin"), a special purpose acquisition company. Under the merger agreement, the pre-merger equity value is $300 million, and the implied pro forma enterprise value of the combined company is approximately $370 million.

The following is the roadshow PPT:

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