BayFirst Financial (BAFN) Registration filing summary

Company overview and business model

• Operates as a bank holding company through its wholly owned subsidiary, focusing on community banking in the Tampa Bay/Sarasota region.

• Offers a range of deposit products, business and consumer loans, and specialized programs for various customer segments.

• Discontinued its SBA 7(a) lending division in Q3 2025 to focus on core community banking services.

• Recent private placement and rights offering aim to strengthen capital and support growth.

Financial performance and metrics

• As of August 18, 2026, 26,962,815 shares of common stock were outstanding.

• Board suspended dividends in July 2025; future dividends subject to Board discretion and regulatory requirements.

• Recent private placement raised $80 million in convertible preferred stock at $3.50 per share.

Use of proceeds and capital allocation

• Net proceeds of approximately $14 million (if fully subscribed) will be used to improve capital levels, fund incremental allowance for credit losses, and support continued growth and return to profitability.

• Proceeds may also be allocated at management's discretion based on market factors.