United States securities and exchange commission logo
November 1, 2022
Ann Anthony
Chief Financial Officer
OPAL Fuels Inc.
One North Lexington Avenue
Suite 1450
White Plains, New York 10601
Re: OPAL Fuels Inc.
Amendment No. 2 to
Registration Statement on Form S-1
Filed October 14,
2022
File No. 333-266757
Dear Ann Anthony:
We have reviewed your amended registration statement and have the
following
comments. In some of our comments, we may ask you to provide us with
information so we
may better understand your disclosure.
Please respond to this letter by amending your registration
statement and providing the
requested information. If you do not believe our comments apply to your
facts and
circumstances or do not believe an amendment is appropriate, please tell
us why in your
response.
After reviewing any amendment to your registration statement and
the information you
provide in response to these comments, we may have additional comments.
Amendment No. 2 to Form S-1
Risk Factors
There is no assurance that we will be able to comply with the continued
listing standards of
Nasdaq, page 41
1. We note your risk
factor disclosure that there is no assurance that you will be able to
comply with the
continued listing standards of Nasdaq. If your obligation to purchase
shares under the
forward purchase agreement with Meteora presents a material risk to
your ability to comply
with the continued listing standards of Nasdaq, please describe
such risk in your risk
factor disclosure, and discuss such risk in your prospectus summary.
Ann Anthony
OPAL Fuels Inc.
November 1, 2022
Page 2
Exhibits
2. We note the Form of Restricted Stock Unit Award Agreement filed as
Exhibit 10.1 to the
current report on Form 8-K filed on September 19, 2022, and also note
that you appear to
have granted restrictive stock unit awards to officers and directors on
October 3, 2022.
Please file this compensation agreement as an exhibit to this
registration statement. See
Item 601(b)(10)(iii) of Regulation S-K.
3. The fee table filed as Exhibit 107 does not appear to be consistent with
the description of
the transactions being registered as set forth on your prospectus cover
page. Please revise.
4. Please obtain and file a revised legality opinion that covers the
legality of all securities to
be offered under this registration statement. In that regard, it does not
appear that the
legality opinion filed as Exhibit 5.1 addresses the legality of the
shares of common stock
to be issued in the primary offering with respect to the shares
underlying the Private
Placement Warrants and the Public Warrants.
Please contact Kevin Dougherty, Staff Attorney, at (202) 551-3271 or
Laura Nicholson,
Special Counsel, at (202) 551-3584 with any questions.
Sincerely,
FirstName LastNameAnn Anthony
Division of
Corporation Finance
Comapany NameOPAL Fuels Inc.
Office of Energy
& Transportation
November 1, 2022 Page 2
cc: Edward M. Welch
FirstName LastName