Form 4: CBRE Acquisition Sponsor Reports Changes in Altus Power Ownership
SEC Form 4
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 of Class A common stock beneficially owned; the correct number is 24,572,682 shares, not 24,679,720 shares.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing detailing changes in stock ownership. The correction of a previous error is a neutral event. Overall, the sentiment is neutral.
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 regarding the holdings and transactions of directors, officers, and principal stockholders.
Related Party Transactions
- The assignment of Restricted Stock Units (RSUs) from Robert Bernard, a director of Altus Power, Inc., to CBRE Acquisition Sponsor, LLC, where Mr. Bernard is Chief Sustainability Officer of an affiliate, constitutes a related party transaction.
Stakeholder Impact
- The filing provides transparency to shareholders regarding insider transactions and beneficial ownership.
- The correction of the previous error ensures accurate information is available to investors.
Key Dates
| Date | Description |
|---|---|
| 04/18/2024 | Date of original Form 4 filing containing an error in the reported number of shares beneficially owned. |
| 06/20/2024 | Date of the transaction involving the assignment of Restricted Stock Units (RSUs) from Robert Bernard to CBRE Acquisition Sponsor, LLC. |
| 07/01/2024 | Date of the filing of this Form 4. |
| May 2025 | Expected date of the Issuer's 2025 annual meeting of stockholders, when the RSUs are scheduled to vest. |
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