BT Brands and Aero Velocity to merge in an all-stock deal
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 03 2025
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Merger Announcement: BT Brands and Aero Velocity have entered into a definitive merger agreement to combine in an all-stock transaction, focusing on advanced drone technologies and AI-powered solutions for government and commercial applications.
Ownership Structure: Following the merger, Aero Velocity shareholders are expected to own approximately 89% of the combined company, while BT Brands shareholders will own about 11%, with the new entity likely to be named "Aero Velocity Inc." and listed on the Nasdaq Capital Market.
Leadership and Timeline: Mark Hastings will serve as CEO of the combined company, which has been unanimously approved by both boards and is expected to close in late 2025 or early 2026, pending shareholder and regulatory approvals.
Financial Details: The merger includes an equity investment of not less than $3M and up to $5M from Aero Velocity shareholders, with ownership percentages subject to adjustments based on BT Brands' net cash at closing.
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About BTBD
BT Brands, Inc. operates fast-food and casual dining restaurants, including Burger Time locations in North Dakota, South Dakota, and Minnesota; Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts; Keegan’s Seafood Grille near Clearwater, Florida, and Schnitzel Haus in Hobe Sound, Florida. The Company also owns a 40.7% interest in Bagger Dave’s Burger Tavern, Inc. It owns and operates Keegan’s Seafood Grille (Keegan’s), a dine-in restaurant; Pie In The Sky Coffee and Bakery (PIE), a casual dining coffee shop bakery, and Schnitzel Haus (Schnitzel), a German-themed restaurant. Its Burger Time restaurants offer a variety of burgers and other foods, sides, and soft drinks. Keegan’s Seafood Grille offers a variety of traditional fresh seafood items for lunch and dinner. PIE features an array of freshly prepared baked goods, sandwiches, and its locally roasted coffee. Schnitzel is a full-service restaurant and bar featuring a German-themed menu and specialty imported European beers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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