Bimergen Energy Enhances Shareholder Value by Canceling 25.1% of Its Outstanding Common Stock
Rhea-AI Summary
Bimergen Energy (OTCQB: BESS) announced the cancellation of 1,287,694 shares, representing approximately 25.1% of its total outstanding common stock, following a favorable ruling from the Superior Court of California in a shareholder litigation case that began in 2023.
The company's Chairman and CEO, Benjamin Tran, emphasized that this corporate action aims to benefit shareholders while the company continues to focus on Battery Energy Storage Systems (BESS) projects. Bimergen highlighted the favorable energy storage investment climate and the critical role of BESS in addressing U.S. national energy emergency demands.
Positive
- Share cancellation of 25.1% of outstanding stock reduces share count, potentially increasing value for remaining shareholders
- Favorable court ruling resolution of shareholder litigation from 2023
- Company operating in favorable energy storage investment climate
Negative
- None.
News Market Reaction
On the day this news was published, BESS gained 0.68%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Newport Beach, CA, June 30, 2025 (GLOBE NEWSWIRE) -- Bimergen Energy Corporation [OTCQB: BESS], (“the Company” or “Bimergen”), a developer of utility-scale battery energy storage projects and an independent power provider, today announced the proceeding of a corporate action to cancel 1,287,694 shares upon a shareholder litigation completion. This action follows the favorable ruling from the Superior Court of California from a litigation which began in 2023, aimed at increasing shareholder value. These shares represent approximately
“We’re very happy with this result and continue to focus our efforts towards Battery Energy Storage Systems (BESS) and believe that the cancellation of these shares will greatly benefit all of our shareholders moving forward. We are also grateful for their patient support and continued trust in our corporate actions,” stated Benjamin Tran, Bimergen Chairman and CEO.
Bimergen’s recent corporate focus has been on bringing projects into operation in the near term, in line with our projected timeline. This comes at a time when the energy storage investment climate is especially favorable, and BESS plays a critical role in addressing the significant demand driven by the U.S. national energy emergency. Shareholders can expect further updates in our upcoming filings and press releases.
About Bimergen Energy Corporation
Bimergen Energy Corporation [OTCQB: BESS] is a utility-scale Battery Energy Storage System (BESS) asset owner, project developer, and independent power provider focused on delivering critical power grid stability and reducing energy price volatility. The Company owns 23 development stage BESS projects with a cumulative energy capacity of approximately 2 GW. The company secures project financing and oversees construction of their energy storage projects, partnering with institutional counterparties to manage daily energy trading operations under long-term offtake agreements ensuring stable, contract-backed revenue. The company also owns 13 development stage solar energy projects with an anticipated cumulative generation capacity of 1.640 GW. For more information, please visit www.bimergen.com
Cautionary Note Regarding Forward-Looking Statements
This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filing with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s filings with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Company Contact
Bimergen Energy Corporation
Tel: 1.855.777.0888
Email: info@bimergen.com
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