Bimergen Energy Enhances Shareholder Value by Canceling 25.1% of Its Outstanding Common Stock

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 25.1% of the Company’s total outstanding shares prior to cancellation as of today’s date.

“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.