secwatch.observer — SEC 8-K summary
======================================

Issuer:     BayFirst Financial Corp. (BAFN)
CIK:        0001649739
Form:       8-K
Filed at:   2023-10-02T23:59:59+00:00
Accession:  0001649739-23-000268
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 3.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1649739/000164973923000268/0001649739-23-000268-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1649739/000164973923000268/bafn-20230929.htm
  HTML page:      https://secwatch.observer/filing/0001649739-23-000268

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer