---
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"
generated_at: "2026-06-10T06:22:49.208478+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 3.02, 5.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001649739-23-000268
- JSON: https://secwatch.observer/filing/0001649739-23-000268.json
- Plain text: https://secwatch.observer/filing/0001649739-23-000268.txt

## Key facts
- Governance Changes
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1649739/000164973923000268/0001649739-23-000268-index.htm
- Material Agreements
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1649739/000164973923000268/0001649739-23-000268-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.