BT Brands, Inc. (Nasdaq: BTBD) and Aero Velocity Inc. have entered into a definitive merger agreement.
The combined company will specialize in advanced drone technologies and AI-powered solutions for government and commercial clients.
Aero Velocity is a leading drone solutions and technology company integrating AI and data science.
Merger Agreement
BT Brands and Aero Velocity to merge in an all-stock transaction, focusing on advanced drone technologies.
Market Position
Aero Velocity provides drone services utilizing AI and UAV technology for various sectors and applications.
Ownership Distribution
Aero Velocity stockholders to own approximately 89% of the combined company, with BT Brands stockholders owning around 11%.
Company Renaming
Upon closing, the combined company will be named Aero Velocity Inc. and trade on the Nasdaq Capital Market.
Leadership Continuity
Mr. Mark Hastings, CEO of Aero Velocity, to lead the combined company post-merger.
- The merger aims to create a strong entity focused on innovating drone technologies for enhanced efficiency and sustainability.
- Aero Velocity's expertise in drone services and data science aligns with the growing demand for AI-powered solutions in various industries.
The merger between Aero Velocity and BT Brands signifies a strategic move towards advancing drone technologies and providing cutting-edge solutions for government and commercial sectors.