BT Brands Stock Slides 35% After Hours: Why Is It Moving?

BT Brands Inc (NASDAQ: BTBD) fell more than 34% to around $1.15 in after-hours trading on Thursday after the company disclosed the termination of its planned merger agreement with Aero Velocity Inc.
BT Brands operates restaurant businesses, including the Burger Time chain, which serves burgers and other fast-food offerings across parts of the Midwest.
Merger Termination
The company said it terminated its Agreement and Plan of Merger with Aero Velocity, a provider of drone and aerial support services, on May 1 after the transaction failed to close before the contractual deadline.
According to the filing, the related registration statement had not been declared effective by the Securities and Exchange Commission before the April 30 extended deadline, leading BT Brands to exercise its termina