Form 4: Steel Partners Holdings Plans Spruce Power Stock Buy

Steel Partners Holdings L.P. and its affiliates reported a planned acquisition of 137 shares of Spruce Power Holding Corp. common stock on January 15, 2026, at $5.10 per share, under a Rule 10b5-1 plan, increasing their indirect beneficial ownership to 3,217,526 shares.

Summary

• Steel Partners Holdings L.P. and its affiliates (the "Reporting Persons") reported a planned acquisition of 137 shares of Spruce Power Holding Corp. (SPRU) common stock.
• The transaction is scheduled to occur on January 15, 2026, at a price of $5.10 per share, pursuant to a Rule 10b5-1 trading plan.
• Following this planned purchase, the Reporting Persons will indirectly beneficially own a total of 3,217,526 shares of Spruce Power Holding Corp.
• The shares are owned directly by Steel Connect Sub LLC, a wholly-owned subsidiary within the Steel Partners Holdings L.P. corporate structure.
• The Reporting Persons are identified as a 10% owner and have a Director relationship with Spruce Power Holding Corp.

Sentiment

Score: 7

Explanation: The planned purchase by a 10% owner and director group, while small in quantity, generally signals continued confidence in the company's prospects, especially as it's part of a pre-arranged Rule 10b5-1 plan. It's a positive signal, but not a major one given the transaction size relative to total holdings.

Positives

• The planned acquisition by a significant shareholder (10% owner and director) under a Rule 10b5-1 plan indicates a pre-determined, long-term confidence in the company's prospects.
• The purchase price of $5.10 per share provides a recent valuation point for the stock.

Negatives

• The number of shares planned for purchase (137) is relatively small compared to the total beneficial ownership, suggesting a minor incremental investment rather than a substantial new position.

Future Outlook

No specific forward-looking statements or guidance are provided beyond the planned transaction.

Industry Context

This filing is a routine insider transaction report and does not provide broader industry context or trends.

Related Party Transactions

• Steel Partners Holdings L.P. and its affiliates, identified as a 10% owner and having a Director relationship with Spruce Power Holding Corp., reported a planned acquisition of shares of the issuer.

Stakeholder Impact

• Shareholders: May view the planned insider purchase as a positive signal of continued confidence from a major investor and director.

Key Dates

Recommendation

The planned insider purchase by Steel Partners Holdings L.P. and its affiliates, a 10% owner and director, under a Rule 10b5-1 plan, indicates continued, pre-determined confidence in Spruce Power Holding Corp. However, the transaction size of 137 shares is minimal relative to their existing substantial beneficial ownership of over 3.2 million shares. This suggests a routine or minor incremental investment rather than a strong new bullish signal. Therefore, it reinforces a 'hold' position for existing investors, as it doesn't present a compelling reason for a 'buy' or 'sell' based solely on this filing.

Keywords

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