SCHEDULE: Steel Partners Boosts Stake in Spruce Power to 17.9%

Steel Partners Holdings L.P. and its affiliates have increased their beneficial ownership in Spruce Power Holding Corp. to 17.9% through recent share purchases.

Summary

• Steel Partners Holdings L.P. and its affiliates, including Steel Connect Sub LLC, now beneficially own 3,259,706 shares of Spruce Power Holding Corp. common stock.
• This represents approximately 17.9% of the 18,168,863 outstanding shares as of November 5, 2025.
• The aggregate purchase price for Steel Connect Sub's shares was approximately $11,453,057, acquired using Steel Connect Sub's cash on hand.
• Jack L. Howard, an individual reporting person, directly owns 50,000 shares, constituting less than 1% of the outstanding shares, acquired for approximately $80,010 with personal funds.
• Transactions by Steel Connect Sub LLC occurred between January 15, 2026, and March 13, 2026, at prices ranging from $3.6000 to $5.1000 per share, all effected in the open market.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, indicating a significant investor's increased confidence in Spruce Power Holding Corp. through substantial open market purchases.

Positives

• A significant institutional investor group, Steel Partners Holdings L.P., has increased its stake, potentially signaling confidence in Spruce Power Holding Corp.'s future prospects.
• The purchases were made in the open market, indicating a belief in the current valuation or future growth potential of the company.

Future Outlook

No specific forward-looking statements or guidance from the company or the reporting persons regarding the company's future performance are provided in this filing.

Industry Context

StockSavvy.ai notes that increased stakes by activist or significant institutional investors like Steel Partners Holdings can sometimes precede calls for strategic changes or improved corporate governance within the target company, especially in sectors like renewable energy or power infrastructure where Spruce Power operates.

Related Party Transactions

• Steel Connect Sub LLC, Steel Partners Holdings L.P., Steel Partners Holdings GP Inc., SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., and Steel Connect LLC are all related parties by virtue of their affiliation and shared beneficial ownership of Spruce Power Holding Corp. shares.

Stakeholder Impact

• Shareholders: Existing shareholders may view the increased stake by Steel Partners as a vote of confidence, potentially leading to increased share price stability or upward movement. It could also signal potential future activist involvement.
• Company Management: Management may need to engage with Steel Partners Holdings L.P. regarding their increased ownership and any potential strategic interests.

Key Dates

Recommendation

The filing indicates a significant institutional investor has increased its stake, which can be a positive signal. However, without further information on the investor's intentions or the company's operational performance, a 'hold' recommendation is prudent. Investors should monitor for any subsequent activist actions or strategic proposals from Steel Partners Holdings L.P.

Keywords

Spruce Power Holding Corp, Steel Partners Holdings, Schedule 13D, beneficial ownership, institutional investment, share acquisition, common stock, investor stake, SPRUCE POWER HOLDING CORP, 9837FR209