Corporate ActionAug 13, 2026, 01:31 PM
BayFirst Financial Registers 22.86M Shares for Resale by Shareholders
AI Summary
BayFirst Financial Corp. filed an S-1 to register 22,856,000 shares of common stock for resale by selling shareholders, stemming from an $80 million private placement of preferred stock that converted to common shares. The company will not receive any proceeds from these sales, and the filing highlights risks of market price volatility and potential depression due to large sales. Additionally, the company redeemed $9.7 million in preferred stock, discontinued its SBA 7(a) lending division in Q3 2025, and recorded $38.4 million in loan adjustments and $3.1 million in impairments/write-downs related to an asset resolution plan.
Key Highlights
- BayFirst Financial registered 22,856,000 common shares for resale by selling shareholders.
- Shares originated from an $80,000,000 private placement of preferred stock on April 28, 2026.
- Kenneth R. Lehman owns 11,428,000 shares, representing 42.38% of common stock.
- Company redeemed $9,704,434 of Preferred Series A and B stock on August 10, 2026.
- Bank discontinued its SBA 7(a) lending division in Q3 2025.
- Adjustments of $38.4 million were made for loan portfolios under an asset resolution plan.
- Impairment of $1.5 million on an equity investment and $1.6 million write-down on USDA loans.
- Common stock closing price was $6.20 per share on August 11, 2026.
Price Impact
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