secwatch.observer — SEC 8-K summary
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Issuer:     BayFirst Financial Corp. (BAFN)
CIK:        0001649739
Form:       8-K
Filed at:   2026-04-30T23:59:59+00:00
Accession:  0001649739-26-000020
Event type: other_material
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 3.02, 5.03, 2.02, 5.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BayFirst raises $80M in PIPE, reports Q1 loss of $5.7M, names new bank CEO
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- Raised $80M via convertible preferred stock PIPE; initial conversion price of $3.50 per common share.
- Q1 2026 net loss of $5.7M ($1.48 per diluted share) vs. Q4 2025 loss of $2.5M ($0.69).
- Alfred T. Rogers appointed President and CEO of BayFirst National Bank; Thomas Zernick retired.
- Filed S-1 for public offering of up to 4.1M common shares at $3.50 to existing shareholders as of May 12, 2026.
- Net interest margin fell 35 bps YoY to 3.42%; loans held for investment down 14.2% YoY.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1649739/000164973926000020/0001649739-26-000020-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1649739/000164973926000020/bafn-20260428.htm
  HTML page:      https://secwatch.observer/filing/0001649739-26-000020

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