Amended Statement of Beneficial Ownership (sc 13d/a)
24 December 2022 - 08:03AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)*
OPAL FUELS INC.
(Name of Issuer)
Class A common stock, par value $0.0001 per
share
(Title of Class of Securities)
68347P 103
(CUSIP Number)
Christine M. Miller
c/o ArcLight CTC Holdings II, L.P.
200 Clarendon St, 55th Floor
Boston, MA 02116
(617) 531-6300
With a copy to:
Julian J. Seiguer, P.C.
Kirkland & Ellis LLP
609 Main Street
Houston, TX 77002
(713) 836-3600
Jennifer Wu
Kirkland & Ellis LLP
401 Congress Avenue
Austin, TX 78701
(512) 678-9100
December 15, 2022
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies
are to be sent.
| * | The remainder of this cover page
shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise
subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 68347P 103
1. |
Name of Reporting Person
ArcLight CTC Holdings II, L.P. |
2. |
Check the Appropriate Box if a Member of a Group
(a) ☐
(b) ☐ |
3. |
SEC Use Only |
4. |
Source of Funds
OO |
5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
☐ |
6. |
Citizenship or Place of Organization
Delaware |
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person
With |
7. |
Sole Voting Power
0 |
8. |
Shared Voting Power
9,448,582* |
9. |
Sole Dispositive Power
0 |
10. |
Shared Dispositive Power
9,448,582* |
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
9,448,582* |
12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ |
13. |
Percent of Class Represented by Amount in Row (11)
5.5%** |
14. |
Type of Reporting Person
PN |
* |
The reported securities (the “Reported Securities”) consists of 9,448,582 shares of Class A common stock of the Issuer (“Class A Shares”), including 1,809,506 Class A Shares issued pursuant to the Exchange (as defined below). |
** |
Calculated based on (i) 28,981,579 Class A Shares outstanding as of
November 16, 2022 as reported on Issuer’s prospectus, filed on December 15, 2022 (the “Prospectus”), and plus (ii)
144,399,037 Class A Shares to be issued upon conversion of all the Class B common units of OPAL Fuels LLC (the “Class B
Units”) and Class D Shares outstanding as of November 16, 2022 as reported on the Prospectus. In accordance with
the SEC’s rules for calculating “beneficial ownership,” which requires the Reporting Persons to disregard the
conversion or exercise of the Class D Shares or Warrants (as defined below) not held by the Reporting Persons, the Reporting Persons
would be deemed to beneficially own approximately 32.6% of the outstanding Class A Shares. This percentage is calculated with a
numerator of 9,448,582 and a denominator of 28,981,579. Notwithstanding the foregoing, because a Class B Unit and Class D
Share are economically equivalent to a Class A Share and further, the Class D Shares vote together with the Class A Shares, the
reported 5.5% reflects the Reporting Person’s actual economic and voting interest in the Issuer. |
1. |
Name of Reporting Person
Daniel R. Revers |
2. |
Check the Appropriate Box if a Member of a Group
(a) ☐
(b) ☐ |
3. |
SEC Use Only |
4. |
Source of Funds
OO |
5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
☐ |
6. |
Citizenship or Place of Organization
United States |
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person
With |
7. |
Sole Voting Power
0 |
8. |
Shared Voting Power
9,448,582* |
9. |
Sole Dispositive Power
0 |
10. |
Shared Dispositive Power
9,448,582* |
11. |
Aggregate Amount Beneficially Owned by Each Reporting Person
9,448,582* |
12. |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares
☐ |
13. |
Percent of Class Represented by Amount in Row (11)
5.5%** |
14. |
Type of Reporting Person
IN |
* |
The Reported Securities consists of 9,448,582 Class A Shares, including 1,809,506 Class A Shares issued pursuant to the Exchange. |
** |
Calculated based on (i) 28,981,579 Class A Shares outstanding as of November 16, 2022 as reported on Issuer’s Prospectus, and plus (ii) 144,399,037 Class A Shares to be issued upon conversion of all the Class B Units and Class D Shares outstanding as of November 16, 2022 as reported on the Prospectus. In accordance with the SEC’s rules for calculating “beneficial ownership,” which requires the Reporting Persons to disregard the conversion or exercise of the Class D Shares or Warrants not held by the Reporting Persons, the Reporting Persons would be deemed to beneficially own approximately 32.6% of the outstanding Class A Shares. This percentage is calculated with a numerator of 9,448,582 and a denominator of 28,981,579. Notwithstanding the foregoing, because a Class B Unit and Class D Share are economically equivalent to a Class A Share and further, the Class D Shares vote together with the Class A Shares, the reported 5.5% reflects the Reporting Person’s actual economic and voting interest in the Issuer. |
AMENDMENT NO. 1 TO
SCHEDULE 13D
Explanatory Note
This Amendment No. 1 (“Amendment
No. 1”) amends and supplements the Schedule 13D (the “Original Schedule 13D”) filed on August 1, 2022 (as amended, the
“Schedule 13D”). Except as specifically amended by this Amendment No. 1, the Schedule 13D remains in full force and effect.
Capitalized terms used but not otherwise defined herein shall have the respective meanings previously ascribed to them in the Schedule
13D.
Item 5. Interest in Securities of the Issuer
Item 5 of the Original Schedule 13D is hereby amended and restated as follows:
(a)-(b) The information contained on the cover
pages to this Schedule 13D is incorporated herein by reference. As noted on the cover pages, the beneficial ownership reflected in Box
13 of each cover page is calculated based on (i) 28,981,579 Class A Shares outstanding as of November 16, 2022 as reported on Issuer’s
Prospectus, and plus (ii) 144,399,037 Class A Shares to be issued upon conversion of all the Class B Units and Class D Shares outstanding
as of November 16, 2022 as reported on the Prospectus. In accordance with the SEC’s rules for calculating “beneficial
ownership,” which requires the Reporting Persons to disregard the conversion or exercise of the Class D Shares or warrants to acquire
Class A Shares (“Warrants”) not held by the Reporting Persons, the Reporting Persons would be deemed to beneficially own
approximately 32.6% of the outstanding Class A Shares. This percentage is calculated with a numerator of 9,448,582 and a denominator
of 28,981,579. Notwithstanding the foregoing, because a Class B Unit and Class D Share are economically equivalent to a Class A
Share and further, the Class D Shares vote together with the Class A Shares, the reported 5.5% reflects the Reporting Person’s
actual economic and voting interest in the Issuer.
The Reported Securities are held directly by the Sponsor. Daniel R. Revers
has voting power and investment discretion with respect to the securities held by the Sponsor, and thus may be deemed to have beneficial
ownership of the Reported Securities. The filing of this statement shall not be construed as an admission by either Reporting Person that
such person is, for the purposes of sections 13(d) or 13(g) of the Exchange Act, the beneficial owner of any securities covered by this
statement.
The Reported Securities include 763,907 Class A Shares that are subject
to forfeiture (the “Sponsor Earn-Out”) pursuant to that certain Sponsor Letter Agreement, by and among the Sponsor, OPAL Fuels
and certain parties thereto, dated as of December 2, 2021 (as amended from time to time, the “Sponsor Letter Agreement”).
Pursuant to the Sponsor Letter Agreement, up to 10% of the Class A Shares beneficially owned by the Reporting Person as of July 21, 2022
will be subject to forfeiture if, during the 60 months following July 21, 2022, the following vesting conditions are not satisfied:
| (1) | If (A) the VWAP of the Class A Shares over any 20 trading days
within any 30 consecutive trading day period is greater than or equal to $12.50 per share; or (B) a Sale (as defined below)
is consummated in which the Class A Shares are valued at greater than or equal to $12.50 per share, 50% of the Earn-Out Shares
will vest upon the close of market on the 20th such trading day or as of immediately prior to the closing of such
Sale, respectively; and |
| (2) | If (A) the VWAP of the Class A Shares over any 20 trading days
within any 30 consecutive trading day period is greater than or equal to $15.00 per share; or (B) a Sale is consummated in which
the Class A Shares are valued at greater than or equal to $15.00 per share the remaining 50% of the Earn-Out Shares will vest
upon the close of market on the 20th such trading day or as of immediately prior to the closing of such Sale, respectively. |
As used with respect to the Sponsor Earn-Out, “Sale” means
(A) (1) a direct or indirect sale, lease, exchange or other transfer (regardless of the form of the transaction) in one transaction
or a series of related transactions of a majority of the Issuer’s assets, as determined on a consolidated basis, to a third party
or third parties acting as a “group” (as defined in Section 13(d)(3) of the Exchange Act) or (2) any transaction
or series of transactions that results, directly or indirectly, in the shareholders of the Issuer as of immediately prior to such transactions
holding, in the aggregate, less than 50% of the voting equity securities of the Issuer (or any successor of the Issuer) immediately after
the consummation thereof (excluding any Sponsor Earnout Shares), in the case of each of clause (1) or (2), whether by amalgamation,
merger, consolidation, arrangement, tender offer, recapitalization, purchase, issuance, sale or transfer of equity securities or assets
or otherwise.
(c) Within the past sixty days, the Reporting Persons
have engaged in the following transactions with respect to the Issuer’s securities: (i) on December 15, 2022, the Reporting Persons
sold an aggregate of 2,000,000 Class A Shares in a block sale, for an aggregate sales price of $13,899,879 net of commissions
and other execution-related costs and (ii) on December 22, 2022, the Reporting Persons exchanged 7,238,025 Warrants beneficially held
by the Sponsor for 1,809,506 Class A Shares pursuant to the Issuer’s previously announced exchange offer. Except as set forth in
this Section 5(c), the Reporting Persons have not effected any transaction in Class A Shares during the past sixty days.
(d) Not applicable.
(e) Not applicable.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and correct.
Date: December 23, 2022 |
ArcLight CTC Holdings II, L.P.
By: ACTC Holdings GP II, LLC, its
General Partner
By: ArcLight Capital Holdings, LLC, its Manager
By: ACHP II, L.P., its Managing Member
By: ACH GP, LLC, its General Partner |
|
|
|
|
By: |
/s/ Daniel R. Revers |
|
Name: |
Daniel R. Revers |
|
Title: |
Manager |
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