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

CBRE Acquisition Sponsor, LLC 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 Class A shares converted on each 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: 6

Explanation: The document is a routine regulatory filing detailing a pre-planned stock conversion. It doesn't contain information that would significantly sway investor sentiment positively or negatively.

Future Outlook

The document outlines a pre-defined schedule for the conversion of Class B Common Stock into Class A Common Stock over a seven-year period, subject to stock price adjustments.

Industry Context

Form 4 filings are standard disclosures required by the SEC when insiders, such as directors or significant shareholders, trade or alter their ownership positions in a company's stock. This filing indicates a scheduled conversion of shares rather than a discretionary transaction.

Stakeholder Impact

• The conversion of Class B shares to Class A shares could have a minor dilutive effect on existing Class A shareholders, although this is expected and gradual over the seven-year period.

Key Dates