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

Company: BT Brands, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 12
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 terms which may be deemed more favorable than those offered to current stockholders. In addition, the issuance of securities in any future financing may dilute an investor’s equity ownership and have the effect of depressing the market price for our securities. Moreover, we may issue derivative securities, including options and/or warrants, from time to time, to procure qualified personnel or for other business reasons. The issuance of any such derivative securities, which is at the discretion of our Board of Directors, may further dilute the equity ownership of our stockholders.

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We may sell shares or other securities in any other offering at a price per share that is less than the price per share paid by investors in this offering, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders. The price per share at which we sell additional shares of our common stock, or securities convertible or exchangeable into common stock, in future transactions may be higher or lower than the price per share paid by investors in this offering. No assurance can be given as to our ability to procure additional financing, if required, and on terms deemed favorable to us.

Upon exercise of our outstanding options or warrants, we will be obligated to issue a substantial number of additional shares of common stock, which will dilute our existing shareholders.

We are obligated to issue additional shares of our common stock in connection with any exercise or conversion, as applicable, of outstanding options and warrants. As of September 28, 2025, there were options and warrants outstanding convertible into an aggregate of 3,570,588 shares of our common stock. The exercise of warrants or options will cause us to issue additional shares of our common stock and will dilute the percentage ownership of its shareholders. In addition, we have in the past, and may in the future, exchange outstanding securities for other securities on terms that are dilutive to the securities held by other shareholders not participating in such an exchange.

We have additional securities available for issuance, which, if issued, could adversely affect the rights of the holders of our common stock.

Our Articles of Incorporation, as amended, authorizes the issuance of 150,000,000 shares of our common stock and 2,000,000 shares of preferred stock. In certain circumstances, shares of our common stock, as well as the awards available for issuance under our equity incentive plans, can be issued by our Board of Directors, without stockholder approval. Any future issuances of such stock would further dilute the percentage ownership of us