BT Brands (BTBD) Company Report

Analyst Coverage

Research analysts who have asked questions during BT Brands earnings calls.

Lipton Financial Services

1 question for BTBD

Recent press releases and 8-K filings for BTBD.

BT Brands Affiliate Sells Location, Company Plans Merger

BTBD

M&A

New Projects/Investments

BT Brands' 40.7%-owned affiliate, Bagger Dave's Burger Tavern, Inc., completed the sale of its Chesterfield, Michigan location for approximately $400,000 in cash and notes.
This sale is part of Bagger Dave's announced intention to exit the restaurant business.
Separately, BT Brands plans to merge with drone industry leader Aero Velocity, Inc. in 2026, subject to shareholder approval, and spin off its existing assets and liabilities into a new public company.

Jan 6, 2026, 2:00 PM

BT Brands Announces Merger with Aero Velocity and Planned Spinoff

BTBD

M&A

Convertible Preferred Issuance

New Projects/Investments

BT Brands, Inc. (BTBD) has entered into a Merger Agreement with Aero Velocity Inc., under which Aero will become a wholly-owned subsidiary of BT Brands.
The merger contemplates that Aero shareholders will receive 89% of the equity ownership, while BT Brands will retain 11%, with BT Brands issuing preferred stock convertible into 68,409,284 common shares to Aero shareholders.
BT Brands plans to spin off its restaurant assets and liabilities into BT Group, Inc., which intends to pursue a separate stock listing.
The merger is structured as a reverse acquisition, with Aero Velocity Inc. treated as the accounting acquirer.
The filing includes unaudited pro forma condensed combined financial statements as of September 30, 2025, and for the nine months ended September 30, 2025, and the year ended December 31, 2024, to reflect the business combination.

Dec 1, 2025, 2:29 PM

BT Brands, Inc. Increases At-The-Market Offering Program to

BTBD

Equity Issuance

BT Brands, Inc. executed Amendment No. 1 to its Equity Distribution Agreement with Maxim Group LLC on November 21, 2025.
This amendment increased the aggregate offering price for the At-The-Market (ATM) Offering Program from $3,005,000 to $3,565,880.
The Company will reimburse Maxim Group LLC $40,000 for legal fees related to this amendment.

Nov 25, 2025, 2:33 PM

BT Brands and Aero Velocity Announce Definitive Merger Agreement

BTBD

M&A

New Projects/Investments

Convertible Preferred Issuance

BT Brands, Inc. and Aero Velocity Inc. have entered into a definitive merger agreement in an all-stock transaction, dated September 2, 2025.
The combined company will focus on advanced drone technologies and AI-powered solutions for government and commercial applications, with Aero Velocity providing comprehensive drone services, including a Drones-as-a-Service (DaaS) model, industrial inspections, and developing a contract drone manufacturing business.
Upon the closing of the proposed transactions, Aero Velocity's stockholders are expected to own approximately 89% of the combined company, and existing BT Brands stockholders are expected to own approximately 11% on a fully diluted economic basis.
The transaction also calls for an equity investment in the combined company of not less than $3 million and up to $5 million by Aero Velocity shareholders.