SCHEDULE: Steel Partners Adds Director to Spruce Power Board

Steel Partners Holdings L.P. has amended its Schedule 13D filing to report the appointment of Benjamin Rosenzweig to the Spruce Power Holding Corp. Board of Directors.

Summary

• Steel Partners Holdings L.P. and its affiliates have updated their Schedule 13D filing regarding their beneficial ownership of Spruce Power Holding Corp. common stock.
• As of September 21, 2026, SP Strategic Holdings directly owns 3,429,380 shares, representing approximately 17.8% of the outstanding shares.
• Other reporting entities within Steel Partners may be deemed to beneficially own these shares due to their relationships.
• Howard Jack L. directly owns 50,000 shares, representing less than 1% of the outstanding shares.
• No reporting persons have engaged in transactions in the Shares during the past 60 days.
• Benjamin Rosenzweig, Senior Vice President of Steel Holdings, joined the Board of Directors on September 18, 2026.
• Mr. Rosenzweig was nominated by the Nominating and Corporate Governance Committee and appointed by the Board.
• On September 2, 2026, Mr. Howard was awarded 105,140 restricted stock units (RSUs) vesting in one-third increments on September 2, 2027, 2028, and 2029, subject to continued service.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive development, primarily due to the addition of a director with significant experience, though it does not immediately alter the company's financial trajectory.

Positives

• Addition of Benjamin Rosenzweig to the Board of Directors, bringing expertise from Steel Holdings.
• Steel Partners maintains a significant ownership stake of 17.8%, indicating continued strategic interest.
• Restricted stock units awarded to Howard Jack L. align his interests with long-term company performance, subject to vesting.

Negatives

• No new financial performance data or strategic initiatives are detailed in this amendment.
• The filing does not indicate any recent transactions in the shares by the reporting persons within the last 60 days.

Risks

• The filing does not explicitly mention any new risks or challenges.
• Potential for future activism or changes in strategy by a significant shareholder (Steel Partners).

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding future financial performance. The RSUs awarded to Mr. Howard have future vesting dates contingent on continued service.

Management Comments

• Benjamin Rosenzweig was nominated by the Nominating and Corporate Governance Committee and appointed by the Board following its review of his background, qualifications and skills, and in consideration of the materials he submitted to the Issuer and the Board in connection with his evaluation as a director candidate.

Industry Context

StockSavvy.ai notes that Schedule 13D filings are common for significant investors seeking to disclose their stake and intentions. The addition of a director from a major shareholder like Steel Partners is a typical governance development in such situations, often aimed at aligning shareholder and management interests or influencing corporate strategy.

Management Changes

Related Party Transactions

• The appointment of Benjamin Rosenzweig, Senior Vice President of Steel Holdings, to the Board of Directors represents a related party transaction due to Steel Partners' significant ownership and influence.

Stakeholder Impact

• Shareholders: The addition of a director nominated by a major shareholder may signal a focus on shareholder value or strategic alignment.
• Employees: Changes in board composition can indirectly affect company strategy and operational focus.
• Management: The board appointment may influence strategic discussions and oversight.

Next Steps

• Continued service of Benjamin Rosenzweig on the Board of Directors.
• Vesting of restricted stock units for Howard Jack L. on scheduled dates.
• Potential future actions or disclosures by Steel Partners Holdings L.P. regarding their investment.

Key Dates

Keywords

Schedule 13D, Steel Partners, Spruce Power Holding Corp, Beneficial Ownership, Board of Directors, Director Appointment, Restricted Stock Units