XFIN SEC filings, in plain English
Everything ExcelFin Acquisition Corp. has filed with the SEC that we hold — 40 filings, newest first, 3 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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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.
What changed: ExcelFin Acquisition Corp. called a special meeting for July 18, 2024 at 10:00 a.m. ET by live webcast to approve a fourth charter amendment extending the business combination deadline from July 25, 2024 to December 25, 2024 through five one-month extensions. For each, the company or sponsor ExcelFin SPAC LLC must deposit $0.03 per unredeemed public share into the trust, in exchange for a non-interest bearing unsecured promissory note payable on consummation of a deal. It signed a business combination agreement on June 26, 2023 with Betters Medical Investment Holdings, known as Baird Medical. Why it matters: 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.
What changed vs 2024-03-22deadline 2024-06-25 → 2024-12-25combination deadline1 moved
- Combination deadline
- 2024-06-252024-12-25
SpacBrain reads this as 183 days later than the previous record.
The clause …“100% of the Offering Shares if the Corporation has not consummated an initial Business Combination by December 25, 2024 or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination”…
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 2023-11-20trust $237.7M → $24.4M -90%deadline 2024-04-25 → 2024-07-25sponsor loan $300K → $1.3Mshares 4.79M → 2.20M -54%
trust account, combination deadline, sponsor loans outstanding +24 moved · 1 with no prior record of ours
- Trust account
- $237.7M$24.4M
- Combination deadline
- 2024-04-252024-07-25
- Sponsor loans outstanding
- $300K$1.3M
- Redeemable shares
- 4.79M2.20M
- Going-concern doubt
- stated · unchanged
SpacBrain reads this as $213,319,098 left the trust between the two filings.
The clause …“ 88,069 72,319 Total Current Assets 696,880 117,538 Cash held in the Trust Account 24,380,902 23,995,629 Deferred Tax Asset 5,570 9,474 Total Assets $ 25,083,352 $ 24,122,641 ”…
SpacBrain reads this as 91 days later than the previous record.
The clause …“in conjunction with any such amendment. If the Company has not completed a Business Combination and/or made the required contributions into the Trust Account by July 25, 2024 (the “Combination Period”), the Company will (i) cease all”…
SpacBrain reads this as the sponsor has advanced $996,654 more.
The clause …“to July 25, 2024. As of March 31, 2024 and December 31, 2023, there were $1,296,654 outstanding under the Working Capital Loan. In order to finance transaction costs in connection with a business combination, the sponsor or an”…
SpacBrain reads this as 2,587,259 shares are no longer redeemable.
The clause “0 issued and outstanding as of March 31, 2024, and December 31, 2023 (excluding 2,201,533 shares subject to possible redemption as of March 31, 2024 and December 31, 2023) 575 575 Additional paid-in capital — — Accumulated”…
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.
What changed: ExcelFin Acquisition Corp. called a special meeting for April 18, 2024 at 10 a.m. ET by live webcast to approve a second charter amendment extending the combination deadline from April 25, 2024 to June 25, 2024 through two one-month extensions, alongside a redemption limitation amendment and an adjournment proposal. For each extension it or sponsor ExcelFin SPAC LLC must deposit the lesser of $50,000 or $0.02 per unredeemed public share, in exchange for a unsecured promissory note. Its combination agreement is with Betters Medical Investment Holdings Limited, known as Baird Medical. Why it matters: 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.
What changed vs 2023-09-26deadline 2024-04-25 → 2024-06-25combination deadline, trust account1 moved · 1 with no prior record of ours
- Combination deadline
- 2024-04-252024-06-25
- Trust account
- $51.4Mnot matched in this filing
SpacBrain reads this as 61 days later than the previous record.
The clause …“100% of the Offering Shares if the Corporation has not consummated an initial Business Combination by June 25, 2024 or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity”…
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 2023-03-30trust $237.7M → $237.7M -0%deadline 2023-10-25 → 2024-04-25shares 23.0M → 2.20M -90%
trust account, combination deadline, redeemable shares +23 moved · 2 with no prior record of ours
- Trust account
- $237.7M$237.7M
- Combination deadline
- 2023-10-252024-04-25
- Redeemable shares
- 23.0M2.20M
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $300K · unchanged
SpacBrain reads this as $35,165 left the trust between the two filings.
The clause …“of December 31, 2023 and 2022, the Company had approximately $ 24 million and $ 237.7 million in cash and investments held in the Trust Account, respectively. During the years ended December 31, 2023 and December 31, 2022, the Company”…
SpacBrain reads this as 183 days later than the previous record.
The clause …“any such amendment. F-8 Table of Contents If the Company has not completed a Business Combination by April 25, 2024 (the “Combination Period”), or made the necessary extension payment outlined below, the Company will (i) cease all”…
SpacBrain reads this as 20,798,467 shares are no longer redeemable.
The clause …“and outstanding as of December 31, 2023 and 2022, respectively (excluding 2,201,533 and 23,000,000 shares subject to possible redemption as of December 31, 2023 and 2022, respectively) 575 — Class B common stock, $ 0.0001 par”…
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”…
The clause …“is consummated, or (ii) April 25, 2023. As of December 31, 2022, there was $300,000 outstanding under the Working Capital Loan. The due date of the Working Capital Loan has been extended to April 25, 2024, and, as of December 31,”…
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.
In plain English
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.
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.
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.