Form 4: Altus Power: CBRE Acquisition Sponsor Converts Class B Common Stock to Class A

CBRE Acquisition Sponsor, LLC converted 181,125 shares of Altus Power's Class B common stock into 1,811 shares of Class A common stock on March 31, 2025, according to a recent SEC filing.

Summary

• On March 31, 2025, CBRE Acquisition Sponsor, LLC converted 181,125 shares of Class B Common Stock into 1,811 shares of Class A Common Stock of Altus Power, Inc.
• This conversion was part of a pre-existing agreement related to the business combination of CBRE Acquisition Holdings, Inc. with Altus Power, Inc., which occurred on December 9, 2021.
• The terms of the Class B Common Stock stipulate that on the last day of each measurement period (annually over seven fiscal years), a portion of Class B shares will automatically convert into Class A shares based on a formula tied to the Class A stock price.
• The formula allows for a minimum conversion of 2,013 Class A shares per conversion date, up to a maximum of 14,596,637 Class A shares over the seven-year period.
• Following the reported transaction, CBRE Acquisition Sponsor, LLC beneficially owns 24,604,044 shares of Class A Common Stock indirectly through CBRE Acquisition Sponsor, LLC.

Sentiment

Score: 6

Explanation: The document is a routine SEC filing detailing a pre-planned stock conversion. It doesn't contain any particularly positive or negative information, hence a neutral sentiment score.

Future Outlook

The document outlines a pre-determined conversion schedule of Class B shares to Class A shares over a seven-year period, based on a formula related to the Class A stock price. This suggests a continued gradual conversion of shares in the coming years.

Industry Context

This filing reflects standard corporate governance procedures related to stock conversions following a business combination. Such conversions are often structured to align the interests of different shareholder classes and incentivize long-term value creation.

Stakeholder Impact

• The conversion of Class B shares to Class A shares may have a minor impact on the ownership structure of Altus Power, Inc.

Key Dates

Keywords

Class A Common Stock, Class B Common Stock, CBRE Acquisition Sponsor, Altus Power, Conversion, SEC Form 4, Beneficial Ownership