SCHEDULE: Steel Partners Boosts Spruce Power Stake to 15.8%

Steel Partners Holdings L.P. and its affiliates have increased their beneficial ownership in Spruce Power Holding Corp. to 15.8% through recent open market purchases.

Summary

• Steel Partners Holdings L.P. and its affiliated entities, including STEEL CONNECT SUB LLC, now beneficially own 2,865,612 shares of Spruce Power Holding Corp. Common Stock.
• This represents approximately 15.8% of the 18,168,863 shares outstanding as of November 5, 2025.
• The aggregate purchase price for these shares by Steel Connect Sub was approximately $9,515,812, funded by cash on hand, including brokerage commissions.
• Jack L. Howard, an individual reporting person, directly owns 50,000 shares, constituting less than 1% (0.3%) of the outstanding shares, acquired for approximately $80,010 using personal funds, including brokerage commissions.
• Recent open market purchases by Steel Connect Sub LLC occurred between November 14, 2025, and November 24, 2025, at prices ranging from $3.8819 to $5.0000 per share.

Sentiment

Score: 7

Explanation: The significant increase in beneficial ownership by an institutional investor group, Steel Partners Holdings L.P., suggests a positive outlook and potential for future strategic involvement, which is generally viewed favorably by the market.

Positives

• Significant insider buying by a large institutional investor group (Steel Partners Holdings L.P. and affiliates) indicates confidence in Spruce Power Holding Corp.'s future prospects.
• The increased stake to 15.8% could signal potential for greater influence or strategic involvement from Steel Partners, potentially leading to initiatives to enhance shareholder value.
• Purchases were made at various price points, suggesting a belief in value across a range of market conditions.

Risks

• The filing, a Schedule 13D, primarily reports changes in beneficial ownership and does not explicitly detail specific risks related to Spruce Power Holding Corp.'s operations or financial health.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the issuer's future performance or strategic direction.

Management Comments

• The filing does not contain direct quotes or paraphrased statements from Spruce Power Holding Corp. management. It includes signatures from Maria Reda, Secretary of Steel Partners Holdings GP Inc., and Jack L. Howard, an individual reporting person.

Industry Context

This filing indicates a significant accumulation of shares by an activist investor group, Steel Partners Holdings L.P., in Spruce Power Holding Corp. Such an increase in stake often precedes increased engagement with management, potential board representation, or strategic initiatives aimed at enhancing shareholder value. This move could be seen as a vote of confidence in the renewable energy or power holding sector, or specifically in Spruce Power's underlying assets and business model, by a sophisticated investor known for its value-oriented approach.

Related Party Transactions

• The filing details open market purchases of shares by Steel Connect Sub LLC and Jack L. Howard, which are not disclosed as related party transactions with Spruce Power Holding Corp. in the context of this filing.

Stakeholder Impact

• Shareholders: The increased stake by Steel Partners Holdings L.P. could be seen as a positive signal, potentially leading to increased share price or strategic initiatives aimed at improving shareholder value.
• Management: Steel Partners' significant ownership might lead to increased scrutiny or engagement with Spruce Power's management regarding operational and strategic decisions.

Next Steps

• The filing does not explicitly mention future actions or milestones by Spruce Power Holding Corp. However, the increased stake by Steel Partners Holdings L.P. may lead to future engagement or proposals from the reporting group.

Key Dates

Recommendation

The significant increase in beneficial ownership by Steel Partners Holdings L.P. and its affiliates to 15.8% of Spruce Power Holding Corp. indicates strong institutional confidence and potential for future strategic engagement. This insider buying, particularly from a known activist investor, is generally a positive signal. However, without additional financial or operational details from Spruce Power, a 'hold' recommendation is prudent for existing investors, suggesting continued monitoring for further developments. New investors should view this as a signal for deeper due diligence.

Keywords

Spruce Power Holding Corp, Steel Partners Holdings, Schedule 13D, Beneficial Ownership, Common Stock, Institutional Investor, Share Acquisition, Open Market Purchases, 9837FR209