Bitech Technologies Announces Effective Date of Reverse Stock Split and Name Change
Bitech Technologies, now rebranded as Bimergen Energy [OTCQB: BTTCD], has announced a 1-for-140 reverse stock split effective February 3, 2025. The company's common stock will trade under BTTCD for 20 days, with plans to change to BESS thereafter. The split will reduce outstanding shares from approximately 714,411,833 to 5,104,000.
The reverse split and name change are part of the company's strategy to uplist to a national stock exchange. The company has filed an S-1 registration statement with the SEC for a proposed offering of common stock and pre-funded warrants. Shareholders holding shares in street name require no action, while those with certificates can choose to surrender them for new shares at their own expense. Fractional shares will be rounded up to the nearest whole share.
Bitech Technologies, ora rinominata Bimergen Energy [OTCQB: BTTCD], ha annunciato uno split azionario inverso di 1 per 140 che entrerà in vigore il 3 febbraio 2025. Le azioni ordinarie dell'azienda saranno negoziate sotto il simbolo BTTCD per 20 giorni, con piani di passare a BESS successivamente. Questo split ridurrà le azioni in circolazione da circa 714.411.833 a 5.104.000.
Il raggruppamento delle azioni e il cambio di nome fanno parte della strategia dell'azienda per quotarsi su un mercato azionario nazionale. La società ha presentato una dichiarazione di registrazione S-1 presso la SEC per un'offerta proposta di azioni ordinarie e di warrant prefinanziati. Gli azionisti che detengono azioni a nome di un intermediario non devono fare nulla, mentre quelli con certificati possono scegliere di ritirarli in cambio di nuove azioni a proprie spese. Le azioni frazionarie saranno arrotondate all'azione intera più vicina.
Bitech Technologies, ahora renombrada como Bimergen Energy [OTCQB: BTTCD], ha anunciado una división de acciones inversa de 1 por 140 efectiva el 3 de febrero de 2025. Las acciones ordinarias de la compañía se comercializarán bajo BTTCD durante 20 días, con planes de cambiar a BESS después. Esta división reducirá las acciones en circulación de aproximadamente 714,411,833 a 5,104,000.
La división inversa y el cambio de nombre son parte de la estrategia de la compañía para listar en una bolsa de valores nacional. La empresa ha presentado una declaración de registro S-1 ante la SEC para una oferta propuesta de acciones ordinarias y warrants prefinanciados. Los accionistas que tienen acciones a nombre de un intermediario no necesitan tomar ninguna acción, mientras que aquellos con certificados pueden optar por entregarlos a cambio de nuevas acciones a su propio costo. Las acciones fraccionarias se redondearán a la acción entera más cercana.
Bitech Technologies, 이제 Bimergen Energy [OTCQB: BTTCD]로 브랜드 변경된 이 회사는 2025년 2월 3일부터 1 대 140의 주식 병합을 발표했습니다. 회사의 보통주는 20일 동안 BTTCD로 거래되며, 이후에는 BESS로 변경될 계획입니다. 이 병합으로 유통 주식 수는 약 714,411,833주에서 5,104,000주로 감소합니다.
역병합 및 이름 변경은 회사의 국가 증권 거래소 상장 전략의 일환입니다. 이 회사는 일반 주식 및 사전 자금 조달 워런트의 제안된 발행을 위해 SEC에 S-1 등록 신청서를 제출했습니다. 중개인 이름으로 주식을 보유한 주주들은 특별한 조치를 취할 필요가 없으며, 인증서를 가진 주주들은 자신의 비용으로 새 주식을 받기 위해 인증서를 제출할 수 있습니다. 분할 주식은 가장 가까운 전체 주식으로 반올림됩니다.
Bitech Technologies, désormais renommée Bimergen Energy [OTCQB: BTTCD], a annoncé un regroupement d'actions inversé de 1 pour 140 effectif le 3 février 2025. Les actions ordinaires de la société seront échangées sous le ticker BTTCD pendant 20 jours, avec des projets de changement vers BESS par la suite. Ce regroupement réduira le nombre d'actions en circulation d'environ 714.411.833 à 5.104.000.
Le regroupement inversé et le changement de nom font partie de la stratégie de l'entreprise pour être listée sur une bourse nationale. L'entreprise a déposé un formulaire d'enregistrement S-1 auprès de la SEC pour une offre proposée d'actions ordinaires et de warrants préfinancés. Les actionnaires détenant des actions au nom d'un intermédiaire n'ont besoin de faire aucune action, tandis que ceux ayant des certificats peuvent choisir de les échanger contre de nouvelles actions à leurs frais. Les actions fractionnaires seront arrondies à l'action entière la plus proche.
Bitech Technologies, jetzt umbenannt in Bimergen Energy [OTCQB: BTTCD], hat einen Rücksplit von 1 zu 140 angekündigt, der am 3. Februar 2025 wirksam wird. Die Stammaktien des Unternehmens werden 20 Tage lang unter BTTCD gehandelt, mit der Absicht, danach zu BESS zu wechseln. Der Split wird die ausstehenden Aktien von etwa 714.411.833 auf 5.104.000 reduzieren.
Der Rücksplit und die Namensänderung sind Teil der Strategie des Unternehmens, an einer nationalen Börse gelistet zu werden. Das Unternehmen hat bei der SEC eine S-1-Registrierungsanmeldung für ein geplantes Angebot von Stammaktien und vorfinanzierten Warrants eingereicht. Aktionäre, die Aktien im Straßenname halten, müssen keine weiteren Maßnahmen ergreifen, während diejenigen mit Zertifikaten entscheiden können, ob sie diese auf eigene Kosten gegen neue Aktien eintauschen möchten. Bruchteile von Aktien werden auf die nächste volle Aktie gerundet.
- Strategic move towards uplisting to a national stock exchange
- Reduction in outstanding shares may improve stock marketability
- Significant share consolidation (140:1) could impact liquidity
- Pending S-1 registration indicates potential dilution through new share offering
- No guarantee of successful uplisting to national exchange
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: info@bimergen.com
FAQ
What is the ratio of Bimergen Energy's (BTTCD) reverse stock split announced for February 2025?
How many shares will BTTCD have outstanding after the February 2025 reverse split?
When will BTTCD's new stock symbol BESS become effective?
What happens to fractional shares in BTTCD's reverse split?
Do BTTCD shareholders need to take any action for the reverse split?
