On June 27, 2023, BT Brands, Inc. announced that it has faced with a potentially crushing defeat in the upcoming shareholder vote, Noble Roman’s, Inc. has resorted to attempting to use a technical interpretation of its by-laws to exclude BT Brands’ nominee from the ballot for the July 6, shareholder election. BT Brands stated that in an eleventh-hour move, Noble Roman’s has taken the position that shares held in a brokerage account do not qualify as ownership for nominating a director candidate and soliciting a proxy. BT Brands notes that it is reviewing its legal options under Indiana law and likely will challenge the latest move by the Company.

BT Brands added that it also expects to further address the fiduciary responsibility of the current Board of Directors to all shareholders.