- Fortistar LLC exchanges 50 million high-voting shares for low-voting shares in OPAL Fuels (OPAL, Financial).
- This strategic move aims to increase the potential inclusion of OPAL’s Class A common stock in stock market indices.
- The exchange does not affect Fortistar's economic interest in OPAL Fuels.
OPAL Fuels (OPAL), a leader in the conversion of biogas into renewable natural gas (RNG) and renewable electricity, announced that its controlling shareholder, Fortistar LLC, has exchanged 50 million shares of Class D common stock for an equal number of newly issued Class B common stock. The Class D shares were previously equipped with five votes per share, compared to the single vote per share associated with Class B shares.
This move by Fortistar, which has now converted more than 120 million of its Class D shares in total, is intended to facilitate the potential inclusion of OPAL's publicly traded Class A common stock in certain stock market indices. Although this exchange reduces Fortistar's voting control, it does not alter its economic stake in the company.
Mark Comora, Chairman of OPAL Fuels, highlighted that this strategic adjustment may enhance the attractiveness of the company's Class A stock for mutual and exchange-traded fund inclusion. However, OPAL Fuels clarified that it cannot guarantee its inclusion in any indices or predict any subsequent impact on the stock's market value.
