Lehman's correction of a prior overstatement and his backstop role in the rights offering signal continued commitment, but no new activist demands were disclosed. Monitor for any future 13D amendments that may reveal escalation or strategic initiatives, particularly given his board seats and gross-up rights.
Price Chart
Executive Summary
Kenneth R. Lehman filed an amendment to his Schedule 13D correcting an overstatement of his prior holdings by 72,000 shares. He now reports beneficial ownership of 12,177,535 shares (39.19% of common stock), including 4,210,735 shares held in his Roth IRA. The filing confirms he acquired 749,535 shares as the backstop purchaser in the company's recent rights offering on October 8, 2026, and retains gross-up rights to maintain his ownership percentage. No new demands or changes in purpose were stated.
Key Financial Metrics
Key Facts
- Kenneth R. Lehman reports beneficial ownership of 12,177,535 shares of BayFirst Financial Corp. common stock, representing 39.19% of outstanding shares.
- The amendment corrects a prior overstatement of holdings by 72,000 shares.
- Lehman acquired 749,535 shares as the backstop purchaser in the company's recent rights offering, using personal and Roth IRA funds on October 8, 2026.
- Lehman holds sole voting and investment power over all reported shares; 7,966,800 shares are held personally and 4,210,735 shares are held in his Roth IRA.
- Lehman has gross-up rights under a Securities Purchase Agreement to maintain his proportionate ownership in future equity offerings.
- Lehman serves on the boards of directors of the company and its subsidiary, BayFirst National Bank.
Financial Impact
Lehman's stake is 39.19% of outstanding common stock, acquired via open-market purchases and a rights offering backstop. No specific dollar value for the stake is provided in the filing.
Risk Factors
- No new demands or strategic plans were disclosed, limiting near-term catalyst visibility.
- Lehman's large stake (39.19%) and gross-up rights could deter other potential acquirers or limit liquidity.
- Historical activist filings on this ticker have shown poor predictive accuracy for short-term price moves.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001649739-26-000139 |
| Document: 0001649739-26-000139-index.html | 0001649739-26-000139 |
| Document: 0001649739-26-000139.txt | 0001649739-26-000139 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | SC 13D/A | $6.44 | awaiting T+60 | — | $6.57 (+2.02%) |
Oct 13, 2026 13d ago | SC 13D/A | $5.25 | awaiting T+60 | — | $6.57 (+25.14%) |
Sep 30, 2026 26d ago | 8-K | $6.81 | awaiting T+60 | — | $6.57 (−3.52%) |
Sep 29, 2026 27d ago | 8-K | $7.21 | awaiting T+60 | — | $6.57 (−8.88%) |
Sep 24, 2026 4w ago | 3 | $7.12 | awaiting T+60 | — | $6.57 (−7.72%) |
Sep 24, 2026 4w ago | Press Release | $7.12 | awaiting T+60 | — | $6.57 (−7.72%) |
Sep 1, 2026 7w ago | 8-K | $7.15 | awaiting T+60 | — | $6.57 (+8.11%) |
Aug 27, 2026 8w ago | 8-K | $6.61 | awaiting T+60 | — | $6.57 (−0.61%) |
Aug 25, 2026 9w ago | EFFECT | $7.37 | awaiting T+60 | — | $6.57 (+10.85%) |
Aug 21, 2026 9w ago | S-1/A | $7.31 | awaiting T+60 | — | $6.57 (+10.12%) |
US Market Status
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