Form 4: Altus Power CFO Weber Reports Changes in Beneficial Ownership Following Merger

Dustin Weber, CFO of Altus Power, reports changes in beneficial ownership of Class A Common Stock and Performance Stock Units following the merger with Avenger Parent, Inc.

Summary

• Dustin Weber, the CFO of Altus Power, filed a Form 4 detailing changes in his beneficial ownership of the company's securities.
• These changes are a result of the merger between Altus Power and Avenger Parent, Inc., which became effective on April 16, 2025.
• Weber contributed shares of Class A Common Stock to Avenger in exchange for newly issued equity interests of Avenger.
• Outstanding shares of Class A Common Stock were converted into the right to receive $5.00 in cash.
• Outstanding restricted stock units were converted into the right to receive cash based on the number of underlying shares and the merger consideration.
• Performance stock units (PSUs) subject to share price goals were canceled, while other PSUs were converted into the right to receive cash based on the merger consideration and achievement of performance goals.
• Weber's direct ownership of Class A Common Stock decreased from 1,697,686 to 0 shares as a result of the merger and related transactions.
• Weber's direct ownership of Performance Stock Units decreased from 170,707 to 0 units as a result of the merger and related transactions.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The merger provides liquidity to shareholders, but also marks the end of Altus Power as a standalone public entity. The score reflects the completion of a significant corporate event.

Future Outlook

The document does not contain any specific forward-looking statements beyond the completion of the merger.

Industry Context

This announcement reflects a trend of consolidation in the renewable energy sector, as companies seek to gain scale and improve access to capital.

Comparison to Industry Standards

• Mergers in the renewable energy sector often involve a cash buyout of existing shareholders, similar to the $5.00 per share consideration in this deal.
• Comparable companies in the solar energy space, such as SunPower or First Solar, have also undergone significant corporate restructuring and strategic shifts in response to market dynamics.

Stakeholder Impact

• Shareholders received $5.00 per share in cash.
• Employees may experience changes as a result of the merger.

Key Dates

Keywords

Form 4, beneficial ownership, Altus Power, Avenger Parent, merger, Dustin Weber, Class A Common Stock, Performance Stock Units