ShareholdingJul 16, 2026, 10:16 AM
BayFirst Financial Issues 42.38% Stake to Kenneth Lehman
AI Summary
BayFirst Financial Corp. announced a significant change in its shareholding structure following a Special Meeting of Shareholders on July 14, 2026. Pursuant to an Exchange Agreement, the company exchanged preferred stock for 11,428,000 common shares with Kenneth R. Lehman, granting him a 42.38% stake in the company. Shareholders also approved an amendment to the Articles of Incorporation to increase the number of authorized common shares to 100,000,000, facilitating this transaction and future capital actions. Mr. Lehman is expected to join the company's and the bank's Boards of Directors.
Key Highlights
- BayFirst Financial Corp. exchanged preferred stock for 11,428,000 common shares with Kenneth R. Lehman.
- The 11,428,000 common shares represent 42.38% of the company's outstanding common shares.
- Kenneth R. Lehman is entitled to designate one individual to the Company’s and Bank’s Boards of Directors and intends to serve.
- Shareholders approved the issuance of common stock (Proposal 1) with 2,401,615 votes for.
- Shareholders approved an amendment to increase authorized common stock to 100,000,000 (Proposal 2) with 3,239,088 votes for.
- The Special Meeting of Shareholders had 80.9% of outstanding shares present or by proxy.
Price Impact
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