Newport Beach, CA – Bimergen Energy Corporation (OTCQB: BESS), a prominent developer of utility-scale battery energy storage projects, announced on June 30, 2025, the cancellation of 1,287,694 shares of its common stock. This significant corporate action, representing approximately 25.1% of the company’s total outstanding shares prior to cancellation, follows a favorable ruling from the Superior Court of California, concluding a shareholder litigation initiated in 2023. The move is strategically aimed at enhancing shareholder value and underscores Bimergen’s commitment to its core business.

Benjamin Tran, Bimergen’s Chairman and CEO, expressed satisfaction with the outcome, stating, “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.” This statement emphasizes the company’s dual objective of financial optimization and operational focus on critical energy infrastructure.

This development occurs amidst a particularly favorable investment climate for energy storage, driven by the escalating demand for grid stability solutions in response to the U.S. national energy emergency. Bimergen, as an independent power provider, is strategically positioned to address this demand. The company currently owns 23 development-stage BESS projects with a cumulative energy capacity of approximately 2 GW, alongside 13 development-stage solar energy projects totaling an anticipated 1.64 GW generation capacity. Bimergen’s business model involves securing project financing, overseeing construction, and partnering with institutional counterparties for daily energy trading operations under long-term off-take agreements, ensuring stable, contract-backed revenue streams.

The share cancellation is expected to strengthen Bimergen’s financial metrics, making the company more attractive to investors and potentially facilitating future project financing. Shareholders can anticipate further updates regarding the company’s progress and financial standing in upcoming regulatory filings and press releases, as Bimergen continues to bring its projects into operation in line with its projected timelines.