ArcLight Clean Transition Corp. II
ACTD · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC from ArcLight CTC Holdings II, L.P., listed on Nasdaq in March 2021.
- What it's doing now
- It agreed to buy OPAL Fuels Inc., a renewable natural gas fueling stations and biogas conversion company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- OPAL Fuels Inc.
- Industry
- Energy — renewable natural gas fueling stations and biogas conversion
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 24 March 2021
- size not on file
- Headquarters
- 200 CLARENDON STREET, 55TH FLOOR, BOSTON, MA, 02116
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Sutton Scott McDougald (Director) · Nisar Nadeem (Director) · Dols Scott V. (Director)
- Listed securities
- ACTD common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 24 March 2021IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedEnergy
What OPAL Fuels Inc. does — read from opalfuels.com on 26 August 2026
OPAL Fuels is a fully integrated, nationwide leader in the production and distribution of low-carbon intensity renewable natural gas (RNG). The company utilizes a vertical waste-to-energy model to capture methane emissions from landfills and dairy farms, purifying them into RNG to replace diesel in heavy-duty transportation and industrial markets.
Renewable Natural GasWaste-to-EnergyHeavy-Duty TransportationIndustrial MarketsDeal structureSEC-primary — BCA 8-K / S-4 / DEFM14A- PIPE
- ≈ $125M · unsourced
- Min-cash condition
- $225M
PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.
stated in:0001213900-22-005919
The score
deterministic, from filed fieldsACTD is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
ArcLight Clean Transition Corp. II is a Cayman Islands-exempted blank-check company, also known as a special purpose acquisition company (SPAC), that was incorporated to effect a merger, share exchange, asset acquisition, or similar business combination. Headquartered at 200 Clarendon Street, 55th Floor, Boston, Massachusetts, the company was sponsored by ArcLight CTC Holdings II, L.P. Its management team was led by Daniel R. Revers as Chairman of the Board and Jake F. Erhard as Chief Executive Officer, with Marco F. Gatti serving as Chief Financial Officer; the board also included directors Arno Harris, Steven Berkenfeld, Ja-Chin Audrey Lee, and Brian Goncher.
The company priced its initial public offering on March 24, 2021, with units offered at $10.00 each on the Nasdaq stock market under the ticker symbol ACTD. Each unit consisted of one Class A ordinary share and one-fifth of one redeemable warrant, with each whole warrant exercisable at $11.50 per share. The offering was conducted under SEC Registration Statement No. 333-252730, with the S-1 initially filed on February 4, 2021, and declared effective on March 22, 2021. A related S-1MEF filing on March 22, 2021 registered an additional 2,875,000 units under Rule 462(b), bringing the total proposed maximum aggregate offering price to approximately $388.99 million, including the over-allotment.
The SPAC completed a business combination and subsequently ceased to be a shell company, as reported in a Current Report on Form 8-K filed July 27, 2022, which disclosed a change in shell company status under Item 5.06. Following the closing of the transaction, the registrant's identity changed to OPAL Fuels Inc., which now trades on Nasdaq and files under SIC code 4932 (Gas & Other Services Combined). OPAL Fuels Inc. has since engaged in post-combination financing activities, including a preferred equity facility of up to $180 million with a Fortistar affiliate.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
Adjusted EBITDA rose 40% while the company reported a net loss, and management attributes the quarter to 45Z production tax credits, Fuel Station Services growth and G&A savings in what it calls a flat RIN price environment. The $100 million master agreement sets terms for monetising the credits rather than delivering cash to date.
This summary is drawn from the cover page and cautionary note of the report; the financial statements are not covered here. The quarter's figures are stated in the company's earnings release filed the same day (accession 0001628280-26-054993).
The consent is compulsory: a holder may not tender without consenting to the Warrant Amendment and may not consent without tendering, and that amendment would let OPAL require every warrant still outstanding after the offer closes to be exchanged at 0.225 shares — a ratio the filing itself calls 10% less than the offer. The private placement warrants outnumber the public ones, 9,223,261 against 6,223,233, and holders of approximately 100% of the private and approximately 53.3% of the public warrants are already committed, leaving roughly 11.7% more public warrants to carry it.
The combined company is organised as an Up-C: New OPAL will be the managing member of OPAL Fuels, and OPAL Fuels will directly or indirectly hold substantially all of the consolidated assets and business. The registered Class A stock is therefore a claim on the listed holding company, which itself holds part of the operating LLC — OPAL HoldCo was the sole member of OPAL Fuels as of signing. Registered share counts in an Up-C do not describe total economic ownership, and this one should not be read as if they did.
Four banks leaving one transaction at once is a disclosure event in its own right: a Section 11(b)(1) resignation is the mechanism by which an underwriter disclaims liability for the registration statement, so the deal proceeds without the diligence backstop that underwriter liability normally supplies. The economics are otherwise unchanged in form — an Up-C in which New OPAL is managing member of OPAL Fuels, with the prospectus covering 38,895,381 Class A shares, 15,446,522 public warrants and 15,446,522 underlying shares, all of them ArcLight's own re-registered capital.
The business combination agreement dated December 2, 2021 is with OPAL Fuels LLC and OPAL HoldCo LLC, which the document states was the sole member of OPAL Fuels as of signing. The combined company is an Up-C, with New OPAL as managing member of an operating LLC that holds substantially all of the business, so the registered Class A count is a claim on the holding company and not a measure of total economic ownership.
Show 4 more material filings
The PIPE was running against a clock and has been given more of it: the subscription agreements carried a termination right if the transaction had not been consummated by May 31, 2022, one hundred eighty days after their date, and PIPE investors representing $110,806,000 of the original investment have signed amendments extending that by sixty days to July 29, 2022. Closing also requires Aggregate Transaction Proceeds of no less than $225,000,000. The trust held approximately $311,264,661, about $10.00 per ArcLight Class A ordinary share, as of the record date.
None of the covered securities is consideration to the seller. All three lines are ArcLight's own public shares and warrants re-registered because the Domestication reissues them; OPAL HoldCo keeps its interest in OPAL Fuels LLC under an Up-C in which New OPAL is the managing member and OPAL Fuels holds substantially all the assets. A reader treating the cover as deal size would be reading the SPAC's own capital. This filing also states the domestication provisions correctly on both sides, which several peers in this corpus do not.
Only Class A stock and warrants are registered — the prospectus covers no other class, so whatever OPAL HoldCo receives for OPAL Fuels is not among the securities offered by this document and cannot be sized from it. ArcLight will deregister under Part XII of the Cayman Islands Companies Act (As Revised) and domesticate under Section 388 of the DGCL, continuing as OPAL Fuels Inc. after the effective time. The meeting is described as a special meeting of ArcLight rather than an extraordinary general meeting, though ArcLight is still a Cayman Islands company when it is held.
The counterparties under the business combination agreement dated as of December 2, 2021 are OPAL Fuels LLC and OPAL HoldCo LLC, so the target is a limited liability company and its holding vehicle rather than a corporation whose shares are exchanged. A large part of what the cover offers is warrant-related — 15,446,522 warrants plus the same number of shares behind them — and none of that reaches a holder unless an exercise price is paid.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
What changed: Exhibit 99.1 to an 8-K of OPAL Fuels Inc. (Nasdaq: OPAL): the August 10, 2026 press release reporting Q2 2026 results. Revenue was $83,399 thousand versus $80,456 thousand, up 4%, while six-month revenue fell 5% to $156,774 thousand from $165,863 thousand. Adjusted EBITDA was $23.1 million versus $16.5 million, up 40%, and $39.8 million versus $36.6 million for the six months. Why it matters: Adjusted EBITDA rose 40% while the company reported a net loss, and management attributes the quarter to 45Z production tax credits, Fuel Station Services growth and G&A savings in what it calls a flat RIN price environment. The $100 million master agreement sets terms for monetising the credits rather than delivering cash to date.
What changed: Q2 2026 10-Q of OPAL Fuels Inc. (Nasdaq: OPAL). As of August 6, 2026 there were 30,357,544 shares of Class A common stock, 121,500,000 shares of Class B and 22,899,037 shares of Class D outstanding. Why it matters: This summary is drawn from the cover page and cautionary note of the report; the financial statements are not covered here. The quarter's figures are stated in the company's earnings release filed the same day (accession 0001628280-26-054993).
sponsor loans outstandingnothing moved · 1 with no prior record of ours
- Sponsor loans outstanding
- $20K · unchanged
The clause …“agreement. A portion of the proceeds from the borrowing was used to repay $ 20,000 outstanding under the revolving loan facility. As of June 30, 2026, the Company had utilized $ 30,747 of availability under the revolver loan to”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: 8-K of OPAL Fuels Inc. Item 7.01 (Regulation FD disclosure): on July 27, 2026 the Company issued a press release announcing that it will release earnings results for the second quarter ended June 30, 2026 before market open on Monday, August 10, 2026, with a conference call the same day at 11:00 a.m. Eastern. The press release is Exhibit 99.1. The report states the furnished information is not deemed filed for Section 18 purposes and that the Company makes no statement or admission as to the materiality of any of it. Why it matters: A scheduling notice, not a result. It fixes when the second-quarter figures will exist publicly and nothing about what they are.
Show the other 10 filings
- What changed vs 2025-11-07sponsor loan $40K → $20K
sponsor loans outstanding1 moved
- Sponsor loans outstanding
- $40K$20K
SpacBrain reads this as $20,000 of sponsor debt has come off.
The clause …“agreement. A portion of the proceeds from the borrowing was used to repay $ 20,000 outstanding under the revolving loan facility. As of March 31, 2026, the Company had utilized $ 10,747 of availability under the revolver loan to”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
ArcLight CTC Holdings II, L.P.named as sponsor in this SPAC’s filings — but with no researched track record behind it yet.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1283 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B3 0001213900-23-088360
Trading & liquidity
Company profile
Directors & officers
- Sutton Scott McDougaldDirector
- Nisar NadeemDirector
- Dols Scott V.Director
- Comora Mark SDirector
- Maurer Jonathan GilbertCo-Chief Executive Officer
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
14 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Comora Mark Swith 3 other reporting persons on the same schedule84.2% · SC 13D/AMar 15, 2024 stale
- ARES MANAGEMENT LLCwith 8 other reporting persons on the same schedule12.2% · SC 13GAug 1, 2022 stale
- BARCLAYS PLCwith 2 other reporting persons on the same schedule7.8% · SC 13GFeb 14, 2024 stale
- NEXTERA ENERGY INCwith 1 other reporting person on the same schedule7.7% · SC 13D/AJan 5, 2024 stale
- Zimmer Partners, LPwith 3 other reporting persons on the same schedule7.1% · SC 13G/ANov 12, 2024 stale
- Electron Capital Partners, LLCwith 6 other reporting persons on the same schedule6.4% · SC 13G/AFeb 14, 2024 stale
- VANGUARD GROUP INCwith 1 other reporting person on the same schedule5.7% · SC 13G/ANov 12, 2024 stale
- INTEGRATED CORE STRATEGIES (US) LLCwith 5 other reporting persons on the same schedule4.4% · SC 13GDec 10, 2021 stale
- ADAGE CAPITAL PARTNERS GP, L.L.C.with 2 other reporting persons on the same schedule1.9% · SC 13G/AFeb 9, 2023 stale
- ArcLight CTC Holdings II, L.P.with 1 other reporting person on the same schedule1.4% · SC 13D/ADec 19, 2023 stale
- CITADEL ADVISORS LLCwith 6 other reporting persons on the same schedule0.1% · SC 13G/AFeb 14, 2023 stale
- Encompass Capital Advisors LLCwith 2 other reporting persons on the same schedule0.0% · SC 13G/ANov 14, 2024 stale
- METEORA CAPITAL, LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/AApr 11, 2023 stale
- Beryl Capital Management LLCwith 2 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- Renewable Natural Gas Firm Opal Fuels to Go Public in $2 Billion SPAC Merger
The Wall Street Journalundated by the source
- OPAL Fuels Announces Completion of Business Combination with ArcLight Clean Transition Corp. II
Business Wireundated by the source
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
35 full SEC filing texts archived — searchable, never lost.
- Vault note — ACTD (ArcLight Clean Transition Corp. II)
vault-note · /vault/tickers/ACTD
- Vault deal note — OPAL Fuels Inc. (ACTD)
vault-note · /vault/deals/opal-fuels-inc
- OPAL Fuels sets $180M preferred equity facility | OPAL 8-K Filing
news · stocktitan.net
- About OPAL Fuels
company-site · opalfuels.com
- Renewable Natural Gas (RNG) Solutions - OPAL Fuels
company-site · opalfuels.com
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail7 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 4932 (Gas & Other Services Combined). The screen found it by filing SHAPE instead — S-1 2021-02-04 → 8-A12B 2021-03-22 → 424B4 2021-03-24 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 4932 + self-described blank check in 424B4 0001193125-21-092768; 424B 0001193125-21-092768 priced 2021-03-24 under S-1 0001193125-21-028823 (file 333-252730, an offering for cash); common ticker ACTD off 10-Q 0001193125-22-151947 (2022-05-16); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-252730, which belongs to S-1 0001193125-21-028823 (2021-02-04) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-03-24). Ending PROVEN, not inferred: CLOSED per 8-K 0001213900-22-042020 (2022-07-27) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.02,3.03,4.01,5.01,5.02,5.03,5.06,9.01). ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
sponsor "ArcLight CTC Holdings II, L.P." sourced from prospectus definition (10-K) acc 0001193125-22-070682.
"OPAL Fuels Inc." is the registrant's CURRENT identity, adopted when the combination closed — EDGAR renames on the closing day, so the rename predates the ending we store and every date-based check cleared it; the vehicle traded as "ArcLight Clean Transition Corp. II" per the COMPANY CONFORMED NAME in 424B4 0001193125-21-092768 filed 2021-03-24. §98
[CLOSED-RENAME] EDGAR CIK 0001842279 records "ArcLight Clean Transition Corp. II" ending 2022-07-21; the registrant continues as "OPAL Fuels Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2022-07-21. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=125, minCashM=225 from primary filings (0001213900-22-005919).
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow
OTHER -> ENERGY, on S-4 0001213900-22-073643: "As part of our business activities, we design and construct Fueling Stations that we either own and operate ourselves or provide these services for our counterp"