Common Stock Will Begin Trading under its new name Bimergen Energy Corporation and on a Split-Adjusted Basis on February 3, 2025
Newport Beach, CA, Feb. 03, 2025 (GLOBE NEWSWIRE) -- Bitech Technologies Corporation, now known as Bimergen Energy Corporation [OTCQB: BTTCD], ("the Company” or "Bimergen”), an independent power provider developing utility-scale battery energy storage initiatives and innovative renewable solutions, announced that the reverse stock split of its common stock at a ratio of 1 post-split share for every 140 pre-split shares (the "Reverse Split”) will be effective today. Bimergen's common stock will continue to be traded on the OTCQB of the OTC Markets Group, Inc. under the ticker symbol BTTCD and will begin trading on a split-adjusted basis when the market opens on Monday, February 3, 2025 (the "Effective Date”) under the new CUSIP number 84856X205. Also on the Effective Date, the Company's common stock will be quoted under its new name "Bimergen Energy Corporation” (the "Name Change”).
"As we work diligently toward uplisting the Company on a national stock exchange, implementing this reverse split is essential to satisfy the share price criteria of the exchange. Our newly rebranded name, Bimergen Energy, better represents our primary focus in the rapidly growing renewable energy sector,” stated Benjamin Tran, CEO of Bimergen Energy Corporation.
At the Effective Date of the Reverse Split, every 140 shares of Bimergen's issued and outstanding common stock will be converted automatically into one issued and outstanding share of common stock. The Reverse Split will not change the number of authorized shares of common stock or the par value per share. Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-140 reverse stock split. Shareholders do not need to surrender their certificates to receive the post-split shares. If a Shareholder chooses to surrender their certificate for the new shares, they will be responsible for the transfer agent fees. Shareholders holding shares in "street name" do not need to take any action as a result of this stock split.
The reverse stock split will reduce the Company's number of shares outstanding common stock from approximately 714,411,833 shares to approximately 5,104,000 shares. Fractional shares shall be rounded up to the nearest whole share in connection with the split. The symbol for the common stock will change from BTTC to BTTCD for a period of 20 days. We have applied for the symbol BESS for the common stock. If this symbol is available, it will reflect the change after this 20-day period. The Company has filed a Certificate of Amendment to its Certificate of Incorporation, as amended, to reflect the Reverse Split and Name Change.
As previously disclosed, the Company has filed a registration statement on Form S-1 with the United States Securities and Exchange Commission (the "SEC”) relating to a proposed offering of the Company's common stock and pre-funded warrants to purchase common stock. In connection with the proposed offering, the Company has applied to uplist its common stock from the OTCQB to a national securities exchange. There can be no assurance that the Company will satisfy all applicable requirements for listing its common stock on the exchange or that the Company's application to list its common stock will be approved. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
The registration statement has not yet become effective and the securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering, when available, will be filed with the SEC.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Bimergen Energy Corporation
Bimergen Energy Corporation (OTCQB: BTTCD), is an independent power provider with a core business in developing and operating Battery Energy Storage Systems (BESS) to enhance grid stability and produce consistent revenues. We also offer technological innovations with smart energy solutions including microgrids, advanced Energy Management System (EMS) for homes, buildings, campuses, cities, and renewable infrastructure. 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: [email protected]
