Insider-linked entity buys 3,000,000 OPAL Fuels (Ticker: OPAL) warrants

Rhea-AI Filing Summary

OPAL Fuels Inc. reported an insider-related derivative transaction involving warrants tied to its Class A common stock. On March 6, 2026, OPAL Fuels LLC, a subsidiary, entered into a transaction with an affiliate of Fortistar LLC, described as the Investor. In connection with this deal, the company issued the Investor a warrant to purchase up to 3,000,000 shares of Class A common stock, issuable in multiple tranches and subject to forfeiture under certain conditions.

The Form 4 attributes the position indirectly to director and 10% owner Mark S. Comora through Fortistar LLC. The filing shows an acquisition of 3,000,000 warrants at a stated price of $0.0000 per warrant, with 3,000,000 derivative securities indirectly owned following the transaction.

Insights

Equity analyst

Insider‑linked entity acquired 3,000,000 OPAL Fuels warrants, indicating increased economic exposure.

An entity affiliated with director and 10% owner Mark S. Comora, through Fortistar LLC, acquired 3,000,000 warrants on OPAL Fuels Inc. stock. The warrants are exercisable in multiple tranches and carry forfeiture conditions, tying their value to performance under the related transaction.

The warrants were issued at a stated price of $0.0000 per warrant, so any future value would come from potential share price appreciation relative to the exercise mechanics described outside this excerpt. Because the warrants are derivative securities and subject to forfeiture, their ultimate impact depends on how many tranches vest and are exercised.

From a governance and alignment angle, this filing indicates increased indirect exposure by an insider-associated entity rather than a reduction. Future company disclosures referenced in the related March 9, 2026 Form 8-K may provide additional detail on the warrant terms and any conditions that affect exercisability and forfeiture.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Comora Mark S

(Last) (First) (Middle)

ONE NORTH LEXINGTON AVE, 14TH FLOOR

(Street)

WHITE PLAINS NY 10601

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
OPAL Fuels Inc. [ OPAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/06/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants (right to buy)	$2.67	03/06/2026		P		3,000,000		(1)	03/06/2034	Class A common stock	3,000,000	(1)	3,000,000	I	Through Fortistar LLC

Explanation of Responses:

1. On March 6 2026, OPAL Fuels LLC, a subsidiary of OPAL Fuels Inc., entered into a transaction with an affiliate of Fortistar LLC (the Investor). In connection with the underlying documentation, the Company issued the Investor a warrant (the Warrant) to purchase up to 3,000,000 shares of Class A Common Stock (the Warrant Shares) of OPAL Fuels Inc., issuable in multiple tranches and subject to forfeiture under certain conditions. For more details, refer to the Form 8-K filed by OPAL Fuels Inc. on March 9, 2026.

Remarks:

	/s/ John Coghlin as Attorney-in-Fact	03/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did OPAL Fuels (OPAL) report on March 6, 2026?

OPAL Fuels reported that an entity affiliated with director and 10% owner Mark S. Comora, through Fortistar LLC, acquired 3,000,000 warrants on its Class A common stock. These derivative securities increase insider-linked economic exposure to OPAL Fuels’ share performance.

How many OPAL Fuels warrants were involved in the latest Form 4 filing?

The filing shows an acquisition of 3,000,000 warrants on OPAL Fuels Inc. Class A common stock. After this transaction, 3,000,000 derivative securities were indirectly owned, reflecting the full size of the reported warrant position tied to the insider-associated entity.

Who holds the OPAL Fuels warrants reported in the Form 4 for OPAL?

The warrants are held indirectly through Fortistar LLC, an entity associated with director and 10% owner Mark S. Comora. The nature of ownership is reported as indirect, meaning the economic interest is attributed via this affiliated entity rather than direct personal holdings.

What are the key terms of the 3,000,000 OPAL Fuels warrant issuance?

OPAL Fuels Inc. issued a warrant to an affiliate of Fortistar LLC to purchase up to 3,000,000 Class A shares. The warrant is issuable in multiple tranches and is subject to forfeiture under certain conditions linked to the underlying transaction documentation.

Was cash paid for the OPAL Fuels warrants acquired in this insider filing?

The Form 4 lists a transaction price of $0.0000 per warrant for the 3,000,000 derivative securities. This indicates no stated cash amount per warrant in the reported transaction, with value instead tied to future potential share price relative to any exercise terms.

How is OPAL Fuels LLC involved in the reported warrant transaction for OPAL?

The footnote explains that OPAL Fuels LLC, a subsidiary of OPAL Fuels Inc., entered into a transaction with an affiliate of Fortistar LLC on March 6, 2026. In connection with that agreement, the company issued the warrant covering up to 3,000,000 Class A shares.