OPAL Fuels completes warrant exchange, eliminating all warrants; shares up ~14.8%

OPAL Fuels Inc.

85.7% of warrants (13.24M) tendered; 0.250 shares per warrant in offer.
Remaining outstanding warrants (14.3%) to be exchanged at 0.225 shares per warrant on Dec 23, 2022.
Post-exchange: 29.48M Class A shares outstanding, up 14.8% vs pre-offer; public warrants to be delisted.
Purpose: simplify capital structure and reduce potential dilution from warrants.

item 1.01 item 3.03 item 5.07 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OPAL Fuels Inc. amended Warrant Amendment with Continental Stock Transfer & Trust Company (effective 2022-12-19).

Action: amendment
Counterparty: Continental Stock Transfer & Trust Company
Effective: 2022-12-19

Exact text from the filing

ement”) to permit the Company to require that each warrant that is outstanding upon the closing of the Offer be exchanged for 0.225 shares of Class A common stock, which is a ratio 10% less than the exchange ratio applicable to the Offer (such amendment, the “Warrant Amendment”). The Offer and Consent Solicitation expired at 11:59 p.m., Eastern Time, on December 16, 2022.

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OPAL Fuels Inc. filing history →

Source: SEC EDGAR

accession 0001842279-22-000063

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