Scott Joseph McKim - Sep 30, 2023 Form 4 Insider Report for BayFirst Financial Corp. (BAFN)

Signature
/s/ Barbara Felts, Attorney-in-fact
Stock symbol
BAFN
Transactions as of
Sep 30, 2023
Transactions value $
$10,000
Form type
4
Date filed
10/2/2023, 03:12 PM
Previous filing
Jul 31, 2023
Next filing
Nov 30, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction BAFN Series C Cumulative Convertible Preferred Stock Purchase $10K +10 $1,000.00* 10 Sep 30, 2023 Common Stock Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Mr. McKim acquired 10 shares of Series C Cumulative Convertible Preferred Stock. The Series C Cumulative Convertible Preferred Stock has a liquidation preference of $1,000 per share. The holders of Series C Cumulative Convertible Preferred Stock have the right to convert such shares into shares of common stock at a conversion ratio equal to the quotient of: (i) the $1,000 liquidation preference; divided by (ii) the tangible book value per share of common stock, calculated on the basis of BayFirst Financial Corp. financial statements, as of the last day of the calendar quarter occurring prior to the date on which a holder exercises the conversion right; provided, however, that tangible book value shall be adjusted to reflect a subsequent quarter end only on the last day of the month succeeding such quarter end.