SFST HAS CONVERTIBLE DEBT — THE SHARE MATH ISN'T DONE YET

Southern First Bancshares, Inc. (SFST) has convertible notes outstanding. Here's what that means for the share count.

Convertible note basics:

• The company borrowed money and promised to repay it either in cash OR new shares
• If the stock price is above the conversion price, noteholders convert to equity
• That conversion creates new shares — diluting everyone else
• If the stock is below conversion price, the company often has to renegotiate or repay in shares at a discount anyway

DilutionScore: 24/100 (LOW)

Convertible debt is the Schrödinger's dilution — it's either nothing or a lot, and you don't know until you know.

Full convertible data: https://dilutionwatch.com/ticker/SFST

Read the conversion terms. Always.