ExcelFin Acquisition Corp.
XFIN · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from ExcelFin SPAC LLC, listed on Nasdaq in October 2021.
- What it's doing now
- It agreed to buy Baird Medical (Betters Medical Investment Holdings Limited), a Medical device company operating in China company. The deal valued that business at about $300M. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Baird Medical (Betters Medical Investment Holdings Limited)
- Industry
- Medical device company operating in China
- Deal value
- $300M
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 22 October 2021
- size not on file · 102.0% of each $10 unit into trust
- Headquarters
- 473 JACKSON ST. SUITE 300, SAN FRANCISCO, CA, 94111
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Riley Warren B (Chief Operating Officer) · Wolfson Neil E (Director)
- Listed securities
- XFIN common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
- 46% of the public shares were handed back at the 24 July vote — the holders who wanted cash rather than shares in the new company took it then.
What has happened, and what is coming
7 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
30.0% of the public float took the cash
46.0% of the public float took the cash
Show the earlier 4 milestones
- 22 October 2021IPOpassed
IPO size not on file
79.0% of the public float took the cash
54.0% of the public float took the cash
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedpost-close BDMDSEC primary
Who has already taken their money back
4 filed eventsEach time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.
Worst single event
79%
of the public float walked at a single vote
Shares redeemed, all events
22.17M
across every filed redemption event
Every figure below is stated in the linked filing; nothing here is estimated.
- Jul 24, 2024Extension46%redeemed 0.705M sh0001410578-24-001515
- Apr 13, 2023Extension79%redeemed 18.21M sh0001410578-24-000813
Show the other 2 cash-out events
- Apr 25, 2024Extension30%redeemed 0.662M sh0001410578-24-000813
- Oct 20, 2023Extension54%redeemed 2.59M sh0001104659-23-119967
The score
deterministic, from filed fieldsXFIN is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
ExcelFin Acquisition Corp. is a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker XFIN. The company priced its initial public offering on October 22, 2021, according to a 424B prospectus filed with the SEC. Its SEC CIK is 0001852749 and its SIC industry code is 6770 (Blank Checks). The vehicle completed a business combination and no longer files, with the closing established by a Form 25 filed on October 2, 2024, under 17 CFR 240.12d2-2(a)(3), reflecting that its Class A Common Stock, Units, and Warrants came to evidence other securities in substitution therefor. The ticker XFIN appears on the cover page of an 8-K filed on September 27, 2024.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
More than 22.1 million shares had already been redeemed across four separate extension votes before this deal reached a vote, so the remaining public float is small and the target's holders will dominate - which is why PubCo expects controlled-company status and the reduced governance protections that come with it. The sponsor's 5,750,000 founder shares convert one-for-one regardless. Earnout shares only vest at $12.50, above the trust value, so they cost holders nothing unless the deal works.
This is the fourth charter amendment for a deal signed in June 2023 that still has not closed a year later, and the extension buys only five months. The deposit terms matter: at $0.03 per share per month the trust accretes about 0.3% of a $10 share monthly, so the redemption floor barely moves, and the sponsor is advancing that money as a promissory note repayable only if a deal closes, which converts sponsor support into a claim against the combined company rather than a gift to the trust. Public holders retain full redemption rights at the deposited value.
Buying only two months at a time, at a deposit rate of $0.02 per share per month capped at $50,000, tells you the sponsor is unwilling to commit capital for a longer runway on the Baird Medical deal. The redemption limitation amendment removes the net tangible assets floor that would otherwise cap redemptions, so trust cash can leave without limit. Public holders retain a full redemption right at deposited value; those who stay are financing a deal that has already required multiple charter amendments and whose deposits accrete the trust by only about 0.2% of a $10 share per month.
Six cents per share for three months and two cents a month thereafter means the trust accretes about twelve cents across the full six-month window — nominal compensation for the delay, and funded by notes the deal repays rather than by the sponsor. The extension is sought to buy time to hold a further meeting on the Baird Medical transaction, so holders are being asked to fund the process rather than the outcome. Redeeming preserves the trust value.
The sponsor states outright it will not fund the $2,000,000 extension option, and the amendment simply deletes that obligation — XFIN holders lose a guaranteed deposit and get a free extension in its place. At $10.40 in trust against a $10.37 market price, redeeming was worth three cents more than selling and carried no execution risk. Roughly $239 million of trust makes that redemption right the dominant consideration at this vote.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
What changed: ExcelFin Acquisition Corp. filed a merger proxy and prospectus for up to 8,531,044 ordinary shares and up to 11,500,000 redeemable warrants of Baird Medical Investment Holdings Limited, for a special meeting held virtually on September 26, 2024, record date August 23, 2024. PubCo warrants are exercisable at $11.50. Baird Medical Earnout Shares vest only if the PubCo share price reaches $12.50 for 20 of any 30 trading days within eight years or on a change of control at or above $12.50. Why it matters: More than 22.1 million shares had already been redeemed across four separate extension votes before this deal reached a vote, so the remaining public float is small and the target's holders will dominate - which is why PubCo expects controlled-company status and the reduced governance protections that come with it. The sponsor's 5,750,000 founder shares convert one-for-one regardless. Earnout shares only vest at $12.50, above the trust value, so they cost holders nothing unless the deal works.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- not previously extracted2024-07-25
SpacBrain reads this as the agreement may be terminated from 2024-07-25.
The clause “30-day trading period or (y) a change of control, and (iii) an extension of the outside date for closing the Business Combination from June 25, 2024 to July 25, 2024. On February 16, 2024, the ExcelFin Board held a special meeting to”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
- What changed vs 2024-05-14trust $24.4M → $24.0M -2%deadline 2024-07-25 → 2024-12-25shares 2.20M → 1.54M -30%
trust account, combination deadline, redeemable shares +23 moved · 2 with no prior record of ours
- Trust account
- $24.4M$24.0M
- Combination deadline
- 2024-07-252024-12-25
- Redeemable shares
- 2.20M1.54M
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $1.3Mnot matched in this filing
SpacBrain reads this as $380,902 left the trust between the two filings.
The clause “30, 2024 and December 31, 2023, the Company had approximately $ 17 million and $ 24 million in cash held in the Trust Account, respectively. Offering Costs associated with an Initial Public Offering The Company complies with the”…
SpacBrain reads this as 153 days later than the previous record.
The clause …“Capital Loan was amended and restated to extend the maturity date thereof to December 25, 2024. 24 Table of Contents Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. Overview We are a”…
SpacBrain reads this as 662,217 shares are no longer redeemable.
The clause “00 issued and outstanding as of June 30, 2024, and December 31, 2023 (excluding 1,539,316 and 2,201,533 shares subject to possible redemption as of June 30, 2024, and December 31, 2023, respectively) 575 575 Additional paid-in”…
The clause …“to liquidate and dissolve. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “ Disclosures of Uncertainties about an Entity’s Ability to”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
ExcelFin SPAC LLCnamed as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1283 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W/2 · 102.0% of the $10 unit
from 424B4 0001104659-21-128663
Trading & liquidity
Company profile
Directors & officers
- Riley Warren BChief Operating Officer
- Wolfson Neil EDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
5 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- ExcelFin SPAC LLCwith 2 other reporting persons on the same schedule20.0% · SC 13GFeb 9, 2022 stale
- Exos Asset Management LLCwith 1 other reporting person on the same schedule9.4% · SC 13GMay 10, 2023 stale
- Sculptor Capital LPwith 1 other reporting person on the same schedule8.0% · SC 13G/AFeb 14, 2024 stale
- Radcliffe Capital Management, L.P.with 5 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2024 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 9, 2024 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
38 full SEC filing texts archived — searchable, never lost.
- Vault note — XFIN (ExcelFin Acquisition Corp.)
vault-note · /vault/tickers/XFIN
- Vault deal note — Baird Medical (Betters Medical Investment Holdings Limited) (XFIN)
vault-note · /vault/deals/baird-medical-betters-medical-investment-holdings-limited
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail5 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001104659-21-128663 priced 2021-10-22; common ticker XFIN off 8-K 0001104659-24-103756 (2024-09-27); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-24-000737 (2024-10-02) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Class A Common Stock, Unit, Warrant). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "ExcelFin SPAC LLC" (SEC CIK 0001887711) sourced from Form 3 reportingOwner (10% owner) acc 0000947871-21-001091.
AI-extracted target (z-ai/glm-5.2, conf 0.95)
target recovered for a completed de-SPAC; no agreement-naming filing on file, so announcedAt is NULL rather than guessed
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read