Kenneth R. Lehman disclosed a 42.4% stake in BayFirst Financial Corp.'s common stock. He obtained the shares on April 28, 2026 through an exchange of preferred stock and filed the Schedule 13D on July 16, 2026. The move positions him to take a board role and help drive an accelerated plan to resolve certain troubled assets at BayFirst National Bank.
Investor Intent
Lehman plans to join the boards of BayFirst Financial Corp. and BayFirst National Bank. He and the bank will identify specific work-out assets and adopt a plan to speed up their resolution, stating he "intends to join the board of directors" to support this effort.
He also holds gross-up rights that let him buy new equity from the company to keep his ownership percentage steady, saying he has been granted rights "to maintain his proportionate ownership interest." Lehman may discuss strategy, operations, and capital structure with management and other shareholders and could buy or sell shares in line with these plans.
Investor's Background
Kenneth R. Lehman is a U.S. private investor based in Florida. He focuses on community banks and special situations, often pairing significant equity stakes with hands-on board involvement. He is known for a long-term, value-driven approach that emphasizes credit cleanup and operational improvements.
Original SEC Filing:
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