BayFirst Financial Corp. (NASDAQ:BAFN) fell over 37% in after-hours trading on Wednesday after the company reported a Q1 2026 net loss, announced an $80 million capital raise, and named a new CEO for its bank unit.
Capital Raise
The company said it raised $80 million through a private investment in public equity (PIPE).
It issued convertible preferred stock that will convert into about 22.9 million common shares at $3.50 per share, subject to approvals.
CEO Change
The company named Alfred Rogers as CEO and President of BayFirst National Bank, replacing retiring CEO Tom Zernick.
Q1 2026 Results
BayFirst Financial Corp reported a net loss of $5.7 million for Q1 2026, compared to a loss of $2.5 million in the previous quarter. Net interest income was $9.4 million, down from $11.2 million in the prior quarter.
Net interest margin came in at 3.42%, compared to …
