BT Brands Announces Entry into Equity Distribution Agreement with Maxim Group LLC

BT Brands, Inc. (NASDAQ:BTBD) has recently disclosed its entry into an Equity Distribution Agreement with Maxim Group LLC, according to a Form 8-K report filed with the Securities and Exchange Commission on December 13, 2024.

The agreement entails the sale of shares of BT Brands’ common stock, with a par value of $0.002 per share, through an “at the market offering” program. The maximum aggregate sales proceeds are set to reach up to $3,005,000, subject to the applicable prospectus supplement.

Under the Distribution Agreement, BT Brands will determine the parameters for the sale of shares, including the number of shares to be issued, the time period for sales, limitations on daily sales, and price restrictions. This initiative aligns with General Instruction I.B.6 of Form S-3, stressing the market value limits of shares sold in a public offering.

Maxim will act as the sales agent, utilizing efforts consistent with trading practices and regulations. The Distribution Agreement allows for termination by either party upon notice. The sale of shares is contingent on the Registration Statement’s effectiveness, with a final prospectus supplement to be filed post-declaration.

BT Brands will pay Maxim a commission based on sales proceeds and cover certain expenses. The agreement stipulates BT Brands’ right to suspend offerings, with indemnification and contribution rights provided to Maxim.

Further details regarding the Distribution Agreement can be found in the Form 8-K filing. It’s essential to note that this filing does not constitute an offer to sell securities or a solicitation for such offers.

The Company plans to reach out to regulators in preparation for a Biologics License Application submission later in 2025 once the Registration Statement is effective. This move comes as a part of BT Brands’ strategic expansion and financing activities.

For more information, interested parties can refer to the complete Form 8-K filing available on the SEC’s website. Investors and stakeholders are advised to stay updated on any developments that may follow from this agreement between BT Brands and Maxim Group LLC.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BT Brands’s 8K filing here.

About BT Brands

BT Brands, Inc owns and operates fast-food restaurants in the north central region of United States. The company operates Burger Time restaurants located in Minnesota, North Dakota, and South Dakota; and a Dairy Queen franchise in Ham Lake, Minnesota. Its Burger Time restaurants provide various burgers and other food products, such as chicken sandwiches, pulled pork sandwiches, chicken chunks, side dishes, and soft drinks; and Dairy Queen restaurant offers burgers, chicken, sides, ice cream and other desserts, and various beverages.