Company: BTBDW
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001477932-25-008703
Chunk: 17

Company: BT Brands, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 17
---
 |

The above illustration of dilution per share to investors participating in this offering assumes no exercise of outstanding options to purchase our common stock or outstanding warrants to purchase shares of our common stock. To the extent that any of these outstanding options or warrants are exercised or we issue additional shares under our equity incentive plans, there will be further dilution to new investors. In addition, we may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders.

<div align='center'>PLAN OF DISTRIBUTION</div>

We entered the Original EDA with Maxim under which we may sell shares of our common stock from time to time through Maxim as the Sales Agent. On November 21, 2025, we entered into an amendment to the Equity Distribution Agreement (the “EDA Amendment”) with Maxim to increase the maximum amount of common stock that we may issue and sell under the Equity Distribution Agreement from $3,005,000 to $3,565,880; provided, however, that in no event will we issue or sell through the Sales Agent such number of shares of common stock that would cause us or the offering of the shares of common stock to not satisfy the eligibility and transaction requirements for use of Form S-3 (including General Instruction I.B.6 of Form S-3). As of the date of this prospectus supplement, we have not sold any shares of our common stock pursuant to the Equity Distribution Agreement.

The following summary of the material provisions of the Equity Distribution Agreement does not purport to be a complete statement of its terms and conditions. The Original EDA has been filed as an exhibit to our Current Report on Form 8-K dated December 16, 2024 and the EDA Amendment has been filed as an exhibit to our Current Report on Form 8-K dated November 25, 2025. In accordance with the terms of the Equity Distribution Agreement, we may sell shares of our common stock for an aggregate offering price of up to $3,565,880 from time to time through or to the Sales Agent, acting as sales agent or principal, subject to certain limitations, including the number or dollar amount of shares registered under the registration statement to which the offering relates. The sales, if any, of shares made under the Equity Distribution Agreement will be made by any method that