Rights IssueApr 30, 2026, 04:25 PM
BAFN Rights Offering for 4.1M Shares at $3.50; New CEO Appointed
AI Summary
BayFirst Financial Corp. (BAFN) filed an S-1 registration statement for a rights offering of up to 4,108,072 shares of common stock at $3.50 per share, aiming to raise $14.38 million. This follows a recent $80 million private placement of convertible preferred stock at the same effective price. The net proceeds will be used to improve capital levels, fund credit loss allowance, and support growth and profitability. Additionally, Alfred T. Rogers, Jr. was appointed President and CEO of BayFirst National Bank, and is expected to be appointed to the same roles for the holding company.
Key Highlights
- BAFN is offering up to 4,108,072 shares of common stock at $3.50 per share.
- The offering aims to raise gross proceeds of $14.38 million, with net proceeds of $13.8 million.
- On April 28, 2026, BAFN sold $80 million in convertible preferred stock at an effective $3.50 per share.
- As of December 31, 2025, BAFN had total assets of $1.30 billion and total shareholders' equity of $87.6 million.
- The closing stock price on April 29, 2026, was $8.00 per share, significantly above the offering price.
- New Bank President and CEO Alfred T. Rogers, Jr. will receive a minimum annual salary of $450,000.
- The company expects to have 8,216,144 shares outstanding after the offering is completed.
Price Impact
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