SCHEDULE: Spruce House Trims Cimpress Stake to 6.03%

Spruce House Investment Management and its affiliates have reduced their beneficial ownership in Cimpress plc to 6.03% through recent open market sales.

Summary

• This is Amendment No. 2 to the Schedule 13D filed by Spruce House Investment Management LLC and its affiliates regarding their holdings in Cimpress plc.
• The reporting persons include Spruce House Investment Management LLC, Spruce House Capital LLC, The Spruce House Partnership LLC, Zachary Sternberg, and Benjamin Stein.
• The aggregate percentage of Shares beneficially owned by Spruce House Partnership is now approximately 6.03% of the outstanding shares, totaling 1,465,366 shares.
• Zachary Sternberg's total beneficial ownership is approximately 6.11% (1,483,239 shares), including direct holdings and shares held by Spruce Partnership.
• Benjamin Stein's total beneficial ownership is approximately 6.10% (1,482,171 shares), including direct holdings and shares held by Spruce Partnership.
• The sales of shares by the reporting persons were conducted for portfolio management purposes.
• The total number of Cimpress plc Ordinary Shares outstanding was 24,285,192 as of January 26, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a slightly negative signal, as a significant institutional investor has reduced its stake, potentially indicating a less bullish outlook or a strategic portfolio adjustment.

Negatives

• Spruce House Investment Management and its affiliates have reduced their beneficial ownership in Cimpress plc, which could be interpreted as a less bullish stance on the company.
• Zachary Sternberg, a manager of Spruce Investment and Spruce Capital, did not stand for re-election at the 2024 annual meeting and is no longer a director of Cimpress plc.

Future Outlook

The filing does not provide specific forward-looking statements or guidance from Cimpress plc or the reporting persons regarding the company's future performance, beyond the reporting persons' stated 'portfolio management purposes' for their share sales.

Management Comments

• Sales of Shares by the Reporting Persons were done for portfolio management purposes.

Industry Context

StockSavvy.ai notes that a reduction in stake by a prominent investment firm like Spruce House could signal a re-evaluation of the investment thesis or a reallocation of capital within their portfolio, potentially influencing other institutional investors' perceptions of Cimpress. The departure of a key individual from the board, even if a former director, can also be a point of consideration for governance observers.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders may interpret the reduction in beneficial ownership by a significant institutional investor as a signal of reduced confidence or a strategic shift, potentially impacting investor sentiment and share price.
• The departure of Zachary Sternberg from the board of directors could be viewed by governance-focused investors as a change in board oversight or strategic influence.

Key Dates

Recommendation

The reduction in beneficial ownership by a significant institutional investor like Spruce House, while stated as for 'portfolio management purposes,' suggests a less aggressive stance on the stock. This action, combined with the departure of a key individual from the board, warrants a cautious 'hold' rather than a 'buy' or 'sell' until further strategic or operational updates from Cimpress.

Keywords

Cimpress plc, Spruce House Investment Management, Schedule 13D, Beneficial Ownership, Stake Reduction, Investment Management, G2143T103