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OPAL Fuels Inc. (the "Company") (NASDAQ:OPAL), a vertically integrated leader in the capture and conversion of biomethane into low carbon intensity renewable electricity and renewable natural gas (RNG), announced that its ultimate controlling shareholder, Fortistar LLC ("Fortistar"), has exchanged 71.5 million shares of Class D common stock of the Company held by it, each of which is entitled to five votes per share on all matters on which stockholders generally are entitled to vote, for an equal number of shares of newly issued Class B common stock of the Company, each of which is entitled to one vote on such matters. This transaction has no effect on the economic interest in the Company held by Fortistar.
"With Fortistar reducing a significant portion of its voting control, the Company anticipates that its publicly traded Class A common stock will become eligible for inclusion in certain stock market indices, on which many broad-based mutual funds and exchange-trade index funds are based," said Mark Comora, the Company's Chairman.
Note that the Company cannot ensure that the Company's Class A common stock will be included in any stock market indices as a result of this exchange, which is out of the Company's control, or that, if its stock is included, that it will have any effect on the price per share of the Company's Class A common stock.
Posted In: OPAL
