Company: BTBDW
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001477932-25-008703
Chunk: 16

Company: BT Brands, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 16
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 and after deducting Maxim’s fees and estimated offering expenses payable by us, our as adjusted net tangible book value as of the quarter ended September 28, 2025 would have been approximately $9,967,800 or $1.27 per share. This represents an immediate increase in net tangible book value of $0.20 per share to existing stockholders and an immediate dilution of $0.84 per share to new investors purchasing shares of common stock in this offering. The following table illustrates this per share dilution:

| Assumed public offering price per share                                                                      
 Actual net tangible book value per share as of September 28, 2025,                                           |     |     | 2.11 
 1.07 |
|:-------------------------------------------------------------------------------------------------------------|:----|:----|-----:|
| Increase in net tangible book value per share attributable to this offering                                  |     |     | 0.20 |
| As adjusted net tangible book value per share as of September 28, 2025, after giving effect to this offering |     |     | 1.27 |
| Dilution per share to new investors purchasing shares of our common stock in this offering                   |     |     | 0.84 |

| S-8 |

The above discussion and table are based on 6,154,724 shares of our common stock outstanding as of November 14, 2025, as adjusted for the adjustments set forth above and excludes, as of September 28, 2025:

| · | 281,750 shares of our common stock issuable upon the exercise of outstanding stock options, with a weighted-average exercise price of $2.35 per share; |
| · | 2,746,838 shares of our common stock issuable upon exercise of outstanding warrants, with an exercise price of $5.50 per share;                        |
| · | 718,250 additional shares of our common stock reserved for future issuance under our equity incentive plan;                                            |
| · | 250,000 shares potentially issuable under the Company’s 2023 Contingent Incentive Share Award grant to senior management;                              |
| · | 100,000 shares issuable under a consulting agreement with an advisor to the Company at $2.50 per share; and                                            |
| · | 192,000 shares issuable to underwriters of the Company’s IPO under a warrant expiring November 12, 2026 to purchase common stock at $5.50 per share.