# BayFirst Financial Corp. (BAFN) — restructuring/exchange_offer [announced]
Source: SEC API (secapi.ai) · situation sit_9460940d33ee9e44c6dd · retrieved 2026-08-11T16:01:35.806Z

## Overview
BayFirst Financial Corp. is a Florida-incorporated state commercial bank holding company.

On July 14, 2026, BayFirst Financial Corp. exchanged 4,000 shares of Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series E owned by Kenneth R. Lehman for 11,428,000 shares of common stock, representing 42.38% of the outstanding common shares. The exchange was executed pursuant to an Exchange Agreement dated April 28, 2026, following shareholder approval of Proposals 1 and 2. Lehman is entitled to designate one individual to the Company's and the Bank's Boards of Directors and has indicated his intent to serve as a director on both Boards.

## Terms
- Counterparty: Kenneth R. Lehman · Consideration: stock · Stake: 42.38%

## Key dates
- Announced 2026-07-16 · Vote 2026-07-14

## Timeline
- 2026-07-16 · 8-K (0001649739-26-000042): 8-K - BayFirst Financial Corp. — *BayFirst Financial Corp. is a Florida-incorporated state commercial bank holding company.* On July 14, 2026, BayFirst Financial Corp. exchanged 4,000 shares of Mandatorily Convertible Cumulative Perpetual Preferred Stock, Series E owned by Kenneth R. Lehman for 11,428,000 shares of common stock, representing 42.38% of the outstanding common shares. The exchange was executed pursuant to an Exchange Agreement dated April 28, 2026, following shareholder approval of Proposals 1 and 2. Lehman is entitled to designate one individual to the Company's and the Bank's Boards of Directors and has indicated his intent to serve as a director on both Boards.
  https://www.sec.gov/Archives/edgar/data/1649739/0001649739-26-000042.txt

## Citations
- 0001649739-26-000042 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000164973926000042