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OPAL Fuels announced that its ultimate controlling shareholder, Fortistar LLC (“Fortistar”), has exchanged 50.0 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 today’s announcement Fortistar has now converted over 120 million of its Class D shares in aggregate, further reducing the voting control commensurate with those shares. OPAL Fuels anticipates that this will help facilitate the inclusion of the Company’s publicly traded Class A common stock 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.
About OPAL Fuels
OPAL Fuels is a leader in the capture and conversion of biogas into low carbon intensity RNG and renewable electricity. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors.
Note: This story has not been edited by The Polymerupdate Editorial team and is auto-generated from a syndicated feed.
