BayFirst Financial Corp. announced that it has entered into a securities purchase agreement to issue 1,835 11% series C cumulative convertible preferred stock at a price of $1,000 per share for the gross proceeds of $1.835 million on September 30, 2023. The transaction will include participation from 18 investors.

The shares will be convertible into common shares of the company at a conversion price of $1,000 per share.