{"url_path":"/sec/bafn/8-k/2026-07-16/item-5-01","section_key":"item-5-01","section_title":"Item 5.01 Changes in Control of Registrant.","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-07-16","source_url":"https://www.sec.gov/Archives/edgar/data/1649739/0001649739-26-000042-index.html","accession_number":"0001649739-26-000042","cik":"0001649739","ticker":"BAFN","issuer_name":"BayFirst Financial Corp.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1649739/0001649739-26-000042-index.html","primary_entity_key":"0001649739","primary_entity_name":"BayFirst Financial Corp."},"word_count":150,"has_tables":true,"body_markdown":"Item 5.01 Changes in Control of Registrant.\n\nAs a result of shareholder approval of Proposals 1 and 2 described below, and pursuant to an Exchange Agreement dated April 28, 2026, on July 14, 2026, BayFirst Financial Corp. (the \"Company\") 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. Such shares represent 42.38% of the outstanding common shares of the Company as of the date of hereof.\n\nPursuant to a Stock Purchase Agreement dated April 28, 2026, Mr. Lehman is entitled to designate one individual to be appointed to the Company’s and the Bank’s Boards of Directors. Mr. Lehman has indicated his intent to serve as a director on both Boards.\n\nThe Stock Purchase Agreement was filed as Exhibit 10.1 and the Exchange Agreement as Exhibit 10.4 to the Company’s Form 8-K filed on April 30, 2026."}