Renewal Fuels, Inc. (OTC: RNWF) provided an update on its pending civil action in King County Superior Court, stating that on Feb. 26, 2026, the court dismissed all claims against Justin Costello under Civil Rule 41 and struck his emergency motion for stay after he was removed as a party. The court also struck the company’s motion for entry of default judgment against the remaining corporate defendants on procedural grounds related solely to citation formatting, while leaving defaults against those defendants in place and not addressing service, rescission, the evidentiary record or the merits of the claims.
The action seeks rescission of two 2021 asset purchase agreements and cancellation of approximately 1.683 billion shares allegedly issued without consideration. The company said it is refiling a corrected motion in compliance with procedural directives and believes this is the last remaining material item required to effect its corporate action with FINRA for a name and voluntary symbol change. The full press release is available at https://ibn.fm/DH528.
Renewal Fuels is an advanced energy platform company focused on the development and commercialization of fusion energy technologies through its wholly owned subsidiary, Kepler Fusion Technologies. Following its previously announced merger with Kepler, the company is operating under the American Fusion brand and has filed a corporate action with FINRA to change its legal name to American Fusion Inc. The company’s strategy is centered on building a scalable, infrastructure-grade fusion energy platform supported by proprietary technology, disciplined intellectual property development, and long-term commercial deployment objectives.
The case highlights the company’s efforts to resolve legacy share issuance issues that have clouded its capitalization. By seeking rescission of the asset purchase agreements and cancellation of shares allegedly issued without consideration, Renewal Fuels aims to clean up its balance sheet and move forward with its rebranding as American Fusion. The procedural dismissal of the motion for default judgment does not affect the underlying defaults, and the company expects to refile promptly.
For investors, the resolution of this litigation is a key milestone. The company has stated that completing the court action is the last material item needed to finalize the FINRA name and symbol change. Once that is done, Renewal Fuels will fully transition to American Fusion, reflecting its pivot from biofuels to fusion energy. The corporate action with FINRA and the legal update signal that the company is making progress in its turnaround strategy.
More information about Renewal Fuels and its latest news is available in the company’s newsroom at http://ibn.fm/RNWF.
