BayFirst raises $1.835M via Series C convertible preferred stock at 11% dividend

BayFirst Financial Corp.

Issued 1,835 shares of Series C Cumulative Convertible Preferred at $1,000/share for $1.835 million gross proceeds.
Proceeds to fund operating expenses or capitalize BayFirst National Bank to support growth.
Series C carries an 11% annual cash dividend, increasing to 12% if not redeemed by the 10th anniversary.
Shares convertible into common stock at tangible book value per share; mandatory redemption after 10 years, optional after 3 years.
Issued in a private placement under Regulation D; shares have no voting rights except as required by Florida law.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

BayFirst Financial Corp.: Filed Articles of Amendment designating Series C Cumulative Convertible Preferred Stock (effective 2023-09-29).

Change: charter amendment
Effective: 2023-09-29

Exact text from the filing

On September 29, 2023, the Company filed with the Florida Secretary of State, Division of Corporations Articles of Amendment to the Articles of Incorporation – Certificate of the Designation, Preferences, Rights, and Limitations of Series C Cumulative Convertible Preferred Stock

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BayFirst Financial Corp. entered into Stock Purchase Agreements with 18 investors valued at $1.835 million in gross proceeds (effective 2023-09-30).

Action: entry
Agreement: equity purchase
Counterparty: 18 investors
Value: $1.835 million in gross proceeds
Effective: 2023-09-30

Exact text from the filing

On September 30, 2023, the BayFirst Financial Corp. (the “Company”) entered into Stock Purchase Agreements with 18 investors and, pursuant thereto, issued 1,835 shares of Series C Cumulative Convertible Preferred Stock (“Series C Preferred Stock”) at $1,000 per share, for $1.835 million in gross proceeds.

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BayFirst Financial Corp. filing history →

Source: SEC EDGAR

accession 0001649739-23-000268

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