BayFirst Financial Corp. — Director's Dealing 2023

Dec 1, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BayFirst Financial Corp. (BAFN)
CIK: 0001649739
Period of Report: 2023-11-30

Reporting Person: Spoor Bradly William (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-11-30	Series C Cumulative Convertible Preferred Stock	$	P	25	Acquired	2033-11-30	Common Stock ()	Direct

Footnotes

F1: Mr. Spoor acquired 25 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.