Here are the 424B prospectus supplements from Baird Medical Investment Holdings Ltd (BDMD) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BDMD and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BDMD filings page.
Baird Medical Investment Holdings Ltd. (BDMD) is offering a US$4,347,826 senior 8% original issue discount convertible promissory note, ordinary shares issuable upon conversion, and up to 110,070 commitment shares. It estimates net proceeds of approximately US$3.7 million after offering expenses for general corporate purposes. The note has a 12-month term and accrues no interest unless an event of default occurs.
The conversion price is the lower of a $0.9842 fixed price and, subject to specified events, an alternative price based on 92% of the lowest daily VWAP over the prior seven trading days, or 85% upon an event of default; the floor is $0.158. Up to 27,517,886 ordinary shares may be issued upon conversion at the floor, subject to a 9.99% limit on the holder's and attribution parties' collective beneficial ownership. BDMD reported approximately $22.5 million in fiscal 2025 revenue, down 39.2% from approximately $37.0 million in fiscal 2024, and a net loss of approximately $27.5 million. It also identified material weaknesses in internal controls over financial reporting as of December 31, 2025.
Baird Medical Investment Holdings Limited is registering up to 11,500,000 Ordinary Shares issuable upon exercise of public warrants at US$11.50 per share and the resale of up to 34,415,562 Ordinary Shares held by various selling securityholders. The company will receive cash only if warrants are exercised; it will not receive any proceeds from selling securityholders’ resales. As of August 5, 2026, the Ordinary Shares closed at US$1.07 and the warrants at US$0.047, making exercise of the warrants unlikely at current prices. The resale shares represent a large portion of the equity and, if sold, could pressure the trading price.
Baird Medical is a Cayman Islands holding company operating in China through wholly owned PRC subsidiaries, focused on microwave ablation systems for thyroid and liver tumors. Revenue was US$31.5 million, US$37.0 million and US$22.5 million in 2023, 2024 and 2025, with net income in 2023–2024 and a US$27.5 million net loss in 2025. The company highlights significant legal and operational risks related to PRC regulation, cash transfer restrictions, and potential trading prohibitions or delisting under the HFCAA, which could materially affect the value of its securities.
Baird Medical Investment Holdings Limited has filed a prospectus to register up to 11,500,000 ordinary shares issuable upon exercise of public warrants at US$11.50 per share, plus up to 34,415,562 ordinary shares for resale by existing shareholders, including Betters Medical shareholders, the SPAC sponsor, Cohen, Grand Fortune Capital and its Hong Kong affiliate.
The company will not receive proceeds from resale of these 34,415,562 shares and expects limited cash from warrant exercises because its Nasdaq share price of US$1.63 on December 4, 2025 was well below the US$11.50 exercise price. The filing notes that, assuming warrant exercise and preferred share conversion, these resale shares represent about 70.9% of shares outstanding, and large sales could pressure the stock price. Baird Medical operates through PRC subsidiaries, highlights significant regulatory and capital-flow risks tied to China, and warns that HFCAA-related auditor inspection issues could eventually lead to a Nasdaq delisting, which could cause the ordinary shares’ value to decline substantially.