Bitech Technologies Announces Effective Date of Reverse Stock Split and Name Change
Bitech Technologies Corporation, now known as Bimergen Energy Corporation (“the Company” or “Bimergen”), an independent power provider focused on developing utility-scale battery energy storage solutions and innovative renewable energy initiatives, has announced that its reverse stock split and company name change will take effect today.
The reverse stock split will be implemented at a ratio of 1 post-split share for every 140 pre-split shares (the “Reverse Split”). 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”). Alongside the split, the Company’s common stock will also be quoted under its new name, “Bimergen Energy Corporation” (the “Name Change”), with a new CUSIP number 84856X205.
“As we work toward uplisting the Company onto a national stock exchange, implementing this reverse split is an essential step to meeting the required share price criteria. Our rebranding as Bimergen Energy better reflects our core focus in the rapidly growing renewable energy sector,” stated Benjamin Tran, CEO of Bimergen Energy Corporation.
Reverse Stock Split Details
On the Effective Date of the Reverse Split, every 140 shares of issued and outstanding common stock will automatically convert into one issued and outstanding share of common stock. The Reverse Split will not alter the number of authorized shares of common stock or change the par value per share. Stockholders holding shares through brokerage accounts will see their shares automatically adjusted to reflect the 1-for-140 reverse stock split. No action is required from shareholders to effect this change.
For shareholders holding physical stock certificates, no action is necessary to receive post-split shares, but they may choose to surrender their existing certificates for new ones at their discretion. However, shareholders opting to exchange their certificates will be responsible for transfer agent fees. Those holding shares in “street name” will not need to take any action.
Following the reverse stock split, the number of outstanding common shares will decrease from approximately 714,411,833 to approximately 5,104,000. Fractional shares resulting from the split will be rounded up to the nearest whole share. The ticker symbol for the common stock will temporarily change from BTTC to BTTCD for a period of 20 trading days. The Company has applied for the symbol “BESS” for its common stock, which, if approved, will take effect after this transition period. To reflect the Reverse Split and Name Change, Bimergen has filed a Certificate of Amendment to its Certificate of Incorporation with the relevant regulatory authorities.
Uplisting and Offering Plans
As previously disclosed, the Company has filed a registration statement on Form S-1 with the United States Securities and Exchange Commission (SEC) in connection with a proposed public offering of common stock and pre-funded warrants. The Company has also applied to uplist its common stock from the OTCQB to a national securities exchange.
While the uplisting application has been submitted, there is no guarantee that Bimergen will meet all necessary listing requirements or that its application will be approved. The offering remains subject to market conditions, and there is no assurance as to when or if it will be completed or the terms under which it may be conducted.
The registration statement has not yet become effective, meaning that no securities may be sold nor offers accepted until the SEC approves the filing. The offering will be conducted strictly via a prospectus. Once available, copies of the preliminary prospectus will be filed with the SEC and made accessible to potential investors.
Industry and Market Impact
The renewable energy sector is experiencing rapid growth, with increasing investment in battery energy storage systems (BESS) as a key component of the clean energy transition. Bimergen’s focus on utility-scale energy storage aligns with the global push for sustainable energy solutions and grid reliability. Energy storage technologies, particularly lithium-ion and emerging alternatives such as solid-state and flow batteries, are crucial for integrating renewable energy sources like solar and wind into the power grid efficiently.
The global battery energy storage market is projected to grow at a compound annual growth rate (CAGR) of over 20% in the next decade, driven by increasing energy demand, government incentives, and advancements in battery technology. Companies that successfully position themselves in this space stand to benefit from both regulatory tailwinds and market-driven adoption of energy storage solutions.
Bimergen’s efforts to uplist to a national securities exchange could enhance its access to institutional capital, enabling further expansion and technological innovation. By leveraging its expertise in energy storage and renewable energy projects, Bimergen aims to capitalize on emerging market opportunities and strengthen its competitive position within the industry.
Investor Considerations and Market Outlook
For investors, Bimergen’s strategic moves, including the reverse stock split and rebranding, indicate a strong commitment to long-term growth and positioning within the renewable energy sector. Companies in the battery storage industry often attract interest from both retail and institutional investors seeking exposure to clean energy trends.
Potential investors should monitor the company’s progress toward its uplisting goal, financial performance, and ability to execute its energy storage initiatives. The success of the public offering and any subsequent capital raises will be critical factors in determining the company’s trajectory in the coming years.
Additionally, the renewable energy sector remains subject to regulatory changes, technological advancements, and competitive pressures. Bimergen’s ability to adapt to evolving industry dynamics and scale its energy storage solutions will be key to sustaining growth and delivering value to shareholders.
