ArcLight announced today that shareholders approved the business combination with OPAL Fuels, a vertically integrated producer and distributor of renewable natural gas.
Once the deal closes, OPAL Fuels shares will trade on the Nasdaq under the ticker symbol OPAL and warrants will trade under OPALW.
The deal valued the combined company at $1.75 billion.
As announced last December, the transaction is expected to provide gross proceeds of approximately $536 million to OPAL Fuels, including ArcLight’s $311 million of cash held in trust, assuming no redemptions, and a $125 million PIPE.
The minimum cash condition was $225 million.
Neither the press release announcing the vote, nor a subsequent 8-K filing on the results, mentioned redemptions, if any.
However, ArcLight in a separate regulatory filing today said it had entered a forward purchase agreement with Meteora Capital Partners for $20 million in stock. That transaction is further sweetened by the SPAC’s agreement to issue Meteora 112,500 shares of Class A common stock of the combined company or pay $600,000 to Meteora once the Opal deal closes. Read more.
