Form 4: Steel Partners Increases Stake in Spruce Power

Steel Partners Holdings L.P. and its affiliated entities have increased their indirect beneficial ownership in Spruce Power Holding Corp. through recent open market purchases.

Summary

• Steel Partners Holdings L.P. and its affiliates, including Steel Connect Sub LLC, acquired additional shares of Spruce Power Holding Corp. common stock.
• A total of 10,208 shares were purchased across three separate transactions in December 2025.
• The purchases occurred on December 24, 2025 (1,503 shares at $5.05), December 26, 2025 (1,206 shares at $5.05), and December 29, 2025 (7,499 shares at $5.017).
• Following these transactions, the reporting persons collectively beneficially own 3,188,767 shares of Spruce Power Holding Corp. common stock indirectly through Steel Connect Sub LLC.
• The reporting persons are identified as a Director and a 10% Owner of Spruce Power Holding Corp.

Sentiment

Score: 8

Explanation: The consistent open market purchases by a significant insider (10% owner and director) indicate strong confidence in the company's valuation and future performance, which is a positive signal for investors.

Positives

• Increased beneficial ownership by a significant shareholder and director group signals confidence in the company's future prospects.
• The purchases were made in the open market, indicating a belief that the stock is currently undervalued at the transaction prices of approximately $5.017 to $5.05 per share.
• The accumulation of shares by a 10% owner strengthens alignment between management/large shareholders and other shareholders.

Risks

• The indirect ownership structure through multiple layers of subsidiaries (Steel Holdings -> SPHG -> SPHG Holdings -> Steel Excel -> Steel Connect -> Steel Connect Sub) is complex, though common for large investment groups.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The reported transactions involve Steel Partners Holdings L.P. and its affiliates, which are identified as a 10% owner and director of Spruce Power Holding Corp. These are considered related party transactions due to their significant ownership and board representation.

Stakeholder Impact

• Shareholders may view the insider buying as a positive indicator, potentially increasing confidence in the stock and its future performance.
• Management may experience reinforced alignment of interests due to the increased stake by a major shareholder.

Key Dates

Recommendation

The consistent open market purchases by a significant 10% owner and director group, Steel Partners Holdings L.P. and its affiliates, signal strong insider confidence in Spruce Power Holding Corp.'s current valuation and future prospects. Such sustained insider buying often precedes positive developments or a re-rating of the stock, making it an attractive entry point for investors.

Keywords

Spruce Power Holding Corp, SPRU, Steel Partners Holdings, Insider Buying, Form 4, Beneficial Ownership, Stock Purchase, 10% Owner, Director