BayFirst Financial Raises $80M In PIPE Financing In Exchange Of ~22.9M Common Shares At $3.50/Share

BayFirst Financial Corp. (NASDAQ:BAFN) ("BayFirst" or "Company"), parent company of BayFirst National Bank ("Bank") today reported the Company has raised $80 million of capital from investors in a private investment in public equity ("PIPE") offering. The Company has issued shares of convertible preferred stock in the PIPE, which subject to shareholder and regulatory approvals, will convert to, or be exchanged for, approximately 22.9 million shares of common stock at an effective purchase price of $3.50 per share.