SCHEDULE: Steel Partners Boosts Stake in Spruce Power to 16.9%

Steel Partners Holdings L.P. and its affiliates have increased their beneficial ownership in Spruce Power Holding Corp. to 16.9% of outstanding common stock.

Summary

• Steel Partners Holdings L.P. and its affiliates, including Steel Connect Sub LLC, now beneficially own 3,079,314 shares of Spruce Power Holding Corp. common stock.
• This represents approximately 16.9% of the 18,168,863 shares outstanding as of November 5, 2025.
• Steel Connect Sub LLC acquired these shares for an aggregate purchase price of approximately $10,580,995 using its cash on hand.
• Jack L. Howard, also a reporting person, directly owns 50,000 shares, constituting less than 1% of outstanding shares, acquired for approximately $80,010 using personal funds.
• Recent purchases by Steel Connect Sub LLC occurred between November 25, 2025, and December 15, 2025, at prices ranging from $4.5625 to $5.1000 per share, all effected in the open market.

Sentiment

Score: 7

Explanation: The increased stake by Steel Partners Holdings L.P., an investment group known for its activist approach, could be viewed positively by investors seeking value creation or strategic changes within Spruce Power Holding Corp. It signals confidence in the company's potential, even if the filing itself is purely factual about ownership.

Positives

• Increased stake by Steel Partners Holdings L.P. and its affiliates, potentially signaling confidence in Spruce Power Holding Corp.'s future or an activist intent to drive value.
• The purchases were made in the open market, indicating a direct investment strategy by the reporting persons.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Spruce Power Holding Corp. or the reporting persons regarding future operations or financial performance. It is an ownership disclosure.

Industry Context

This filing indicates a significant accumulation of shares by an investment group, Steel Partners Holdings L.P., in Spruce Power Holding Corp. While the filing itself doesn't detail industry trends, such an increase in stake by an activist-oriented investor group often suggests a belief in undervalued assets or a potential for strategic changes within the company, which could be relevant in the renewable energy or power infrastructure sector where Spruce Power operates.

Stakeholder Impact

• Shareholders: The increased stake by Steel Partners Holdings L.P. could lead to increased shareholder activism, potential demands for operational improvements, or strategic changes, which might impact share value.
• Management: Management of Spruce Power Holding Corp. may face increased scrutiny or pressure from Steel Partners Holdings L.P.

Key Dates

Recommendation

The filing indicates a significant increase in beneficial ownership by Steel Partners Holdings L.P., an investment group often associated with activist investing. While this could signal potential for future value creation or strategic shifts, the filing itself does not provide enough information about the investor's intentions or Spruce Power's underlying fundamentals to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' and monitor for further developments regarding Steel Partners' plans or any response from Spruce Power's management.

Keywords

Spruce Power Holding Corp, Steel Partners Holdings, Schedule 13D/A, beneficial ownership, common stock, equity stake, investor activity, share purchases, 9837FR209