{"schema_version":"secwatch.filing_event.v1","accession":"0001649739-23-000268","form_type":"8-K","ticker":"BAFN","cik":"0001649739","company_name":"BayFirst Financial Corp.","filed_at":"2023-10-02T23:59:59+00:00","discovered_at":"2026-05-14T18:03:29.933788+00:00","generated_at":"2026-06-10T06:22:49.208478+00:00","sec_items":["1.01","3.02","5.03","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"BayFirst raises $1.835M via Series C convertible preferred stock at 11% dividend","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001649739-23-000268","json":"https://secwatch.observer/filing/0001649739-23-000268.json","markdown":"https://secwatch.observer/filing/0001649739-23-000268.md","text":"https://secwatch.observer/filing/0001649739-23-000268.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1649739/000164973923000268/0001649739-23-000268-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1649739/000164973923000268/bafn-20230929.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-10T06:22:49.208478+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"1fab8aa9d226562edfd9066b495961821b720325","claim":"BayFirst Financial Corp.: Filed Articles of Amendment designating Series C Cumulative Convertible Preferred Stock (effective 2023-09-29).","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1649739/000164973923000268/0001649739-23-000268-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"charter amendment"},{"label":"Effective","value":"2023-09-29"}],"fact_type":"governance_change"},{"claim_id":"98afbdb97ef27be440102d5ea12fc6a99c27b127","claim":"BayFirst Financial Corp. entered into Stock Purchase Agreements with 18 investors valued at $1.835 million in gross proceeds (effective 2023-09-30).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1649739/000164973923000268/0001649739-23-000268-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"18 investors"},{"label":"Value","value":"$1.835 million in gross proceeds"},{"label":"Effective","value":"2023-09-30"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}