Form 4: Steel Partners Boosts Stake in Spruce Power

Steel Partners Holdings L.P. and its affiliates increased their beneficial ownership in Spruce Power Holding Corp through multiple open market purchases in early December 2025.

Summary

• Steel Partners Holdings L.P., along with its affiliated entities, reported multiple open market purchases of Spruce Power Holding Corp (SPRU) common stock.
• The reporting persons, including Steel Partners Holdings GP Inc., SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., Steel Connect LLC, and Steel Connect Sub LLC, are collectively deemed a 10% owner and director of Spruce Power Holding Corp.
• On December 5, 2025, 4,206 shares were acquired at a price of $5.1 per share.
• On December 8, 2025, 35,956 shares were acquired at a price of $5.0998 per share.
• On December 9, 2025, 28,127 shares were acquired at a price of $5.0932 per share.
• Following these transactions, the reporting persons beneficially own a total of 3,040,884 shares of Spruce Power Holding Corp common stock indirectly through Steel Connect Sub LLC.

Sentiment

Score: 8

Explanation: The significant increase in beneficial ownership by a 10% owner and director, Steel Partners Holdings L.P. and its affiliates, through open market purchases, indicates strong confidence in Spruce Power Holding Corp's future prospects.

Positives

• A significant 10% owner and director, Steel Partners Holdings L.P. and its affiliates, increased their stake in Spruce Power Holding Corp through open market purchases, signaling strong insider confidence.
• The purchases were made at prices ranging from $5.0932 to $5.1 per share, indicating a belief in the company's value at or above current market levels.

Future Outlook

This Form 4 filing does not contain explicit forward-looking statements or guidance from company management, as it primarily reports insider transactions.

Industry Context

The insider buying by a significant institutional investor and director group suggests a positive outlook on Spruce Power Holding Corp within its industry, potentially indicating a belief in the company's strategic direction or undervaluation relative to peers. Such actions can be interpreted as a vote of confidence in the company's future performance, which may resonate positively with the broader market.

Related Party Transactions

• The reported transactions involve Steel Partners Holdings L.P. and its affiliates, who are a 10% owner and director of Spruce Power Holding Corp, making these related party transactions.

Stakeholder Impact

• Shareholders: The insider buying by a significant owner and director could be viewed as a positive signal, potentially increasing investor confidence and demand for the stock.
• Employees, Customers, Suppliers, Creditors: No direct impact is immediately apparent from this transaction report, but increased investor confidence could indirectly benefit the company's stability and growth prospects.

Key Dates

Recommendation

The substantial open market purchases by Steel Partners Holdings L.P., a 10% owner and director, signal strong insider confidence in Spruce Power Holding Corp's valuation and future performance. Such actions by a well-informed party often precede positive developments or reflect a belief that the stock is undervalued, making it a compelling 'buy' signal for investors.

Keywords

SPRUCE POWER HOLDING CORP, SPRU, Steel Partners Holdings L.P., Insider Buying, Form 4, Beneficial Ownership, Equity Purchase, 10% Owner, Director