BayFirst Financial in St. Petersburg, Fla., plans to raise up to $14.4 million through a rights offering.
The $1.1 billion-asset company said in a press release that it plans to sell about 4.1 million shares of common stock to existing shareholders at $3.50 a share.
“We are excited for the next step in the recapitalization of the Company,” Scott McKim, BayFirst’s chief financial officer, said in the release. “The prospectus and rights card for eligible shareholders who wish to exercise their subscription rights are being sent.”
Regan & Associates is the information agent.