Form 4: Steel Partners Boosts SPRUCE POWER Stake via 10b5-1 Plan

Steel Partners Holdings L.P. and its affiliates reported scheduled acquisitions of additional shares of Spruce Power Holding Corp. common stock in late November 2025.

Summary

• Steel Partners Holdings L.P. and its affiliates, including Steel Connect Sub LLC, are scheduled to acquire additional shares of Spruce Power Holding Corp. (SPRU) common stock.
• The transactions are planned for November 25, 2025, November 26, 2025, and November 28, 2025.
• A total of 100,822 shares are set to be acquired across these three dates.
• The acquisitions are planned at prices ranging from $4.5625 to $4.9686 per share.
• Following these scheduled transactions, the reporting persons are projected to beneficially own 2,966,434 shares of SPRU common stock.
• These transactions are being made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged investment strategy.

Sentiment

Score: 7

Explanation: The sentiment is positive due to significant insider buying by a 10% owner and director, indicating strong confidence in the company's future prospects. The transactions being part of a 10b5-1 plan also suggests a deliberate, long-term investment strategy.

Positives

• A significant 10% owner and director, Steel Partners Holdings L.P., is increasing its stake in Spruce Power Holding Corp., signaling confidence in the company's future prospects.
• The transactions are executed under a Rule 10b5-1(c) plan, indicating a pre-planned investment strategy rather than a reactive market move, which often suggests a long-term view.

Future Outlook

This Form 4 filing reports scheduled transactions under a Rule 10b5-1(c) plan, rather than providing explicit forward-looking statements or guidance regarding Spruce Power Holding Corp.'s future performance or strategic direction. The reported transactions are set to occur on specific future dates.

Management Comments

• Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of his or its pecuniary interest therein.

Industry Context

Insider buying by a significant shareholder and director can be interpreted as a positive signal, suggesting that those with intimate knowledge of the company believe its shares are undervalued or that future prospects are strong. This type of activity is often closely watched by the market as an indicator of internal confidence, particularly in sectors like renewable energy or power infrastructure where long-term strategic vision is crucial.

Comparison to Industry Standards

• This filing reports insider buying, which is a common occurrence across all industries. There are no specific industry benchmarks for the volume or frequency of insider buying that would allow for a direct comparison to specific companies or projects.
• However, the fact that a 10% owner and director is increasing its stake is generally viewed favorably, aligning with the principle that insiders are often the best informed about a company's true value.

Related Party Transactions

• The scheduled acquisition of common stock by Steel Partners Holdings L.P. and its affiliates, who are a 10% owner and have director representation, constitutes a related party transaction.

Stakeholder Impact

• Shareholders: Existing shareholders may view the insider buying as a positive signal, potentially increasing confidence and demand for the stock.
• Management: The increased stake by a significant owner could imply closer oversight or strategic alignment.

Next Steps

• The filing details scheduled acquisitions of common stock by Steel Partners Holdings L.P. and its affiliates on November 25, 2025, November 26, 2025, and November 28, 2025, under a Rule 10b5-1(c) plan. No other future actions, events, or milestones are explicitly mentioned.

Key Dates

Recommendation

The significant insider buying by Steel Partners Holdings L.P., a 10% owner and director of Spruce Power Holding Corp., signals strong conviction in the company's valuation and future prospects. Such actions by well-informed insiders, especially when pre-planned under a 10b5-1 plan, often precede positive developments or reflect a belief that the stock is undervalued. This indicates a favorable outlook for long-term investors.

Keywords

Spruce Power Holding Corp, SPRU, Steel Partners Holdings, Insider Buying, Form 4, Equity Acquisition, 10% Owner, Director, Stock Purchase, Beneficial Ownership, 10b5-1 Plan