Form 4: CBRE Acquisition Sponsor Reports Changes in Altus Power Ownership

CBRE Acquisition Sponsor, LLC reports the acquisition of Restricted Stock Units (RSUs) from Altus Power director Robert Bernard, along with a correction to a previously filed Form 4.

Summary

• CBRE Acquisition Sponsor, LLC acquired 29,551 Restricted Stock Units (RSUs) from Robert Bernard, a director of Altus Power, Inc., on June 20, 2024.
• These RSUs represent the right to receive one share of Class A common stock of Altus Power and will vest in full on the date of the Issuer's 2025 annual meeting of stockholders, expected in May 2025, contingent upon Robert Bernard's continued service.
• The reporting persons beneficially owned an aggregate of 24,602,233 shares of Class A common stock.
• The filing also corrects an error in a previous Form 4 filed on April 18, 2024, which incorrectly stated the number of shares beneficially owned; the correct number is 24,572,682 shares, not 24,679,720 shares.
• The securities are directly held by CBRE Acquisition Sponsor, LLC, whose sole member is CBRE Services, Inc., a wholly-owned subsidiary of CBRE Group, Inc.

Sentiment

Score: 6

Explanation: The document primarily reports a routine transaction and a correction, with no overtly positive or negative implications. The acquisition of RSUs could be seen as a slightly positive signal.

Positives

• The acquisition of RSUs by CBRE Acquisition Sponsor, LLC could be seen as a positive sign of confidence in Altus Power's future.

Future Outlook

The RSUs will vest in full on the date of the Issuer's 2025 annual meeting of stockholders, which is expected to take place in May 2025, subject to Robert Bernard's continued service to the Issuer through such date.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Comparison to Industry Standards

• Form 4 filings are a standard regulatory requirement for publicly traded companies in the United States, ensuring transparency in insider trading activities.
• Companies like SolarEdge and Enphase Energy also have similar filings when their executives or major shareholders trade company stock.
• The level of detail provided in this Form 4 is consistent with industry norms, including the number of shares, transaction dates, and relationships of the reporting persons to the issuer.

Related Party Transactions

• The assignment of Restricted Stock Units (RSUs) from Robert Bernard, a director of Altus Power, Inc., to CBRE Acquisition Sponsor, LLC, is a related party transaction.

Stakeholder Impact

• The transaction and correction reported in the Form 4 provide transparency to shareholders regarding the ownership structure of Altus Power, Inc.

Key Dates