Form 4: Altus Power Insider Filing: CBRE Acquisition Sponsor Converts Class B Stock to Class A
SEC Form 4 Filing
CBRE Acquisition Sponsor, LLC, along with related entities, converted 181,125 shares of Altus Power Class B common stock into 1,811 shares of Class A common stock on March 31, 2024, as part of a pre-defined conversion schedule.
Summary
- This Form 4 filing reports changes in beneficial ownership of Altus Power, Inc. (AMPS) stock by CBRE Acquisition Sponsor, LLC, CBRE Services, Inc., and CBRE Group, Inc.
- On March 31, 2024, 181,125 shares of Class B Common Stock held by the reporting persons were converted into 1,811 shares of Class A Common Stock.
- This conversion is part of a pre-determined schedule where Class B shares convert to Class A shares annually over seven years following the business combination on December 9, 2021.
- The conversion formula is based on the stock price of Class A Common Stock, with a minimum of 2,013 shares of Class A Common Stock converted on each conversion date, up to a maximum of 14,596,637 shares over the seven-year period.
- Following the reported transaction, CBRE Acquisition Sponsor, LLC beneficially owns 24,557,823 shares of Class A Common Stock indirectly.
Sentiment
Score: 5
Explanation: The filing reflects a routine conversion of stock as per the agreement, indicating a neutral sentiment.
Future Outlook
The Class B Common Stock will continue to convert into Class A Common Stock annually over seven fiscal years following the business combination on December 9, 2021, subject to a formula based on the stock price of the Class A Common Stock.
Industry Context
This filing reflects routine insider activity related to pre-planned stock conversions, which is common after SPAC mergers. It doesn't necessarily indicate a change in the company's fundamentals or outlook but provides transparency into insider holdings.
Stakeholder Impact
- The conversion of Class B shares to Class A shares could slightly increase the float of Class A shares, potentially impacting trading volume.
Key Dates
| Date | Description |
|---|---|
| December 9, 2021 | Date of the business combination of CBRE Acquisition Holdings, Inc. with Altus Power, Inc. |
| March 31, 2024 | Date of Class B Common Stock conversion to Class A Common Stock. |
| April 02, 2024 | Date of signature for the Form 4 filing. |
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