SPACInsider Logo
OPAL Fuels (OPAL) Calls All Outstanding Warrants
OPAL Fuels (OPAL) Calls All Outstanding Warrants
by Nicholas Alan Clayton on 2022-11-18 at 10:21am

OPAL Fuels (NASDAQ:OPAL), which combined with ArcLight Clean Transition Corp. II in July, announced this morning that has launched an offer to exchange all public and private placement warrants for 0.25 Class A shares each.

The company’s stock last closed at $8, and is up +2.5% in early trading despite the dilution would accompany the exchange. OPAL warrants (NASDAQ:OPALW), meanwhile, are up about +51% to $1.81. The company said in its press release that it is making the move now to simplify its capital structure and provide it with more flexibility moving forward.

Warrant holders are also asked to vote on a change to the warrant agreement that would automatically exchange any remaining warrants for 0.225 shares, or 10% less, once the exchange window has closed on December 16. OPAL has already secured the affirmative votes of 53.3% of outstanding warrants and needs 65% for this amendment to pass. As a result, only 11.7% of holders are needed to consent to the amendment in order for it to pass.

Private placement warrants currently make up 59.7% of the 15,446,494 warrants outstanding. The exchange is expected to create up to 3,861,623 new shares, joining 25,671,390 Class A shares and 144,399,037 Class D shares outstanding.

White Plains, New York-based OPAL produces and distributes renewable natural gas and electricity from biomethane sources and it is trading in the top 20 of companies that de-SPAC’d in 2022. It expects to generate between $60 million and $63 million in EBITDA in full year 2022.


ADVISORS

  • BofA Securities as the dealer manager for the Offer and Consent Solicitation
  • D.F. King & Co., Inc. has been appointed as the information agent for the Offer and Consent Solicitation
  • Continental Stock Transfer & Trust Company has been appointed as the exchange agent
Recent Posts
by Kristi Marvin on 2022-11-28 at 8:27pm

Considerations for Creating Shareholder Value in a Volatile Market   Join us for a virtual panel on December 14, 2022 The current trends of rising interest rates and inflationary cost increases, among other things, have imposed downward pressures on publicly traded equity prices, especially for businesses that became publicly traded via a de-SPAC merger. Please...

by Marlena Haddad on 2022-11-28 at 12:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...

by Nicholas Alan Clayton on 2022-11-25 at 2:31pm

PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...

by Marlena Haddad on 2022-11-25 at 11:02am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...

by Nicholas Alan Clayton on 2022-11-25 at 7:31am

Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved