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 of Altus Power, Inc. into 1,811 shares of Class A Common Stock.
• 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 Class B Common Stock is subject to an automatic conversion formula based on the stock price of Class A Common Stock, occurring annually over seven fiscal years.
• The formula converts a minimum of 2,013 shares of Class A Common Stock 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 24,604,044 shares of Class A Common Stock indirectly through CBRE Acquisition Sponsor, LLC.
• The filing was signed by Emma E. Giamartino, Chief Financial Officer of CBRE Acquisition Sponsor, LLC, CBRE Services, Inc., and CBRE Group, Inc.

Sentiment

Score: 6

Explanation: The document is a standard SEC filing related to stock conversion, indicating a neutral sentiment. It reflects a planned event rather than unexpected news.

Future Outlook

The Class B Common Stock will continue to convert to Class A Common Stock annually over seven fiscal years based on a formula tied to the stock price of the Class A Common Stock, with a maximum of 14,596,637 shares subject to conversion.

Industry Context

This filing reflects routine transactions related to the conversion of stock following a business combination, which is a common occurrence in the renewable energy sector as companies adjust their capital structure.

Stakeholder Impact

• The conversion of stock may have a minor impact on shareholders due to the change in the number of outstanding shares of each class.

Key Dates

Keywords

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