A total of 13,240,756 warrants were exchanged for stock

Davis Polk advised the dealer manager and solicitation agent in connection with an offer to exchange outstanding warrants to purchase shares of Class A common stock of OPAL Fuels Inc. and the solicitation of consents from holders of the warrants to amend the warrant agreement to permit the company to require that each warrant outstanding upon the closing of the exchange offer be converted into common stock. A total of 13,240,756 warrants, or approximately 85.7% of the outstanding warrants were tendered, each for 0.225 shares of Class A common stock. The settlement of the exchange offer occurred on December 22, 2022.

OPAL is a renewable energy company specializing in the capture and conversion of biogas for the production of renewable natural gas (RNG) for use as a vehicle fuel for heavy- and medium-duty trucking fleets and for sale to utilities. OPAL also designs, develops, constructs, operates and services fueling stations for trucking fleets across the country that use natural gas to displace diesel as their transportation fuel.

The Davis Polk corporate team included partner Derek Dostal and associate Michael Stromquist. The tax team included partner Patrick E. Sigmon and associate Eitan Ulmer. The intellectual property and technology transactions team included partner David R. Bauer and associate Alison T. Chin. All members of the Davis Polk team are based in the New York office.

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