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  4. [Form 4] SPRUCE POWER HOLDING CORP Insider Trading Activity

Steel Partners unit adds 60K SPRU shares, indirect stake tops 3.3M

Filing Impact
(Moderate)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Spruce Power Holding Corp saw affiliated entities report additional open-market buying of its common stock. Steel Connect Sub LLC, an indirect subsidiary within the Steel Partners structure, purchased 13,739 shares on March 19, 2026 at an average price of $3.7389 and 46,682 shares on March 20, 2026 at an average price of $4.3187, for a total of 60,421 shares. Following these transactions, Steel Connect Sub LLC held 3,320,127 shares of Spruce Power common stock indirectly. The entities filing jointly may be deemed part of a group owning more than 10% of the outstanding shares and each disclaims beneficial ownership except to the extent of its pecuniary interest.

Positive

  • None.

Negative

  • None.
Insider STEEL PARTNERS HOLDINGS L.P., Steel Partners Holdings GP Inc., SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., Steel Connect LLC, Steel Connect Sub LLC
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Bought 60,421 shs ($253K)
Type Security Shares Price Value
Purchase Common Stock, par value $0.0001 per share 46,682 $4.3187 $202K
Purchase Common Stock, par value $0.0001 per share 13,739 $3.7389 $51K
Holdings After Transaction: Common Stock, par value $0.0001 per share — 3,320,127 shares (Indirect, By Steel Connect Sub LLC)
Footnotes (1)
  1. This Form 4 is filed jointly by Steel Partners Holdings L.P ("Steel Holdings"), Steel Partners Holdings GP Inc. ("Steel Holdings GP"), SPH Group LLC ("SPHG"), SPH Group Holdings LLC ("SPHG Holdings"), Steel Excel Inc. ("Steel Excel"), Steel Connect LLC ("Steel Connect") and Steel Connect Sub LLC ("Steel Connect Sub") (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of common stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of its pecuniary interest therein. Represents securities owned directly by Steel Connect Sub. Steel Holdings owns a majority of the membership interests of SPHG. SPHG is the sole member of SPHG Holdings. Steel Holdings GP is the general partner of Steel Holdings, the managing member of SPHG and the manager of SPHG Holdings. Steel Excel is a majority owned subsidiary of SPHG Holdings. Steel Connect is an indirect subsidiary of Steel Excel. Steel Connect Sub is a wholly owned subsidiary of Steel Connect. Each of Steel Holdings, SPHG, SPHG Holdings, Steel Holdings GP, Steel Excel and Steel Connect may be deemed to beneficially own the Shares owned directly by Steel Connect Sub.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
STEEL PARTNERS HOLDINGS L.P.
(Last)(First)(Middle)
590 MADISON AVENUE, 32ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
SPRUCE POWER HOLDING CORP [ SPRU ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock, par value $0.0001 per share(1)(2)03/19/2026P13,739A$3.73893,273,445IBy Steel Connect Sub LLC(2)
Common Stock, par value $0.0001 per share(1)(2)03/20/2026P46,682A$4.31873,320,127IBy Steel Connect Sub LLC(2)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
1. Name and Address of Reporting Person*
STEEL PARTNERS HOLDINGS L.P.
(Last)(First)(Middle)
590 MADISON AVENUE, 32ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Steel Partners Holdings GP Inc.
(Last)(First)(Middle)
590 MADISON AVENUE
32ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
SPH Group LLC
(Last)(First)(Middle)
C/O STEEL PARTNERS HOLDINGS L.P.
590 MADISON AVENUE, 32ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
SPH Group Holdings LLC
(Last)(First)(Middle)
C/O STEEL PARTNERS HOLDINGS L.P.
590 MADISON AVENUE, 32ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Steel Excel Inc.
(Last)(First)(Middle)
590 MADISON AVENUE, 32ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Steel Connect LLC
(Last)(First)(Middle)
590 MADISON AVENUE
32ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
Steel Connect Sub LLC
(Last)(First)(Middle)
590 MADISON AVENUE, 32ND FLOOR
(Street)
NEW YORK NEW YORK 10022
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. This Form 4 is filed jointly by Steel Partners Holdings L.P ("Steel Holdings"), Steel Partners Holdings GP Inc. ("Steel Holdings GP"), SPH Group LLC ("SPHG"), SPH Group Holdings LLC ("SPHG Holdings"), Steel Excel Inc. ("Steel Excel"), Steel Connect LLC ("Steel Connect") and Steel Connect Sub LLC ("Steel Connect Sub") (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively owns more than 10% of the Issuer's outstanding shares of common stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein, except to the extent of its pecuniary interest therein.
2. Represents securities owned directly by Steel Connect Sub. Steel Holdings owns a majority of the membership interests of SPHG. SPHG is the sole member of SPHG Holdings. Steel Holdings GP is the general partner of Steel Holdings, the managing member of SPHG and the manager of SPHG Holdings. Steel Excel is a majority owned subsidiary of SPHG Holdings. Steel Connect is an indirect subsidiary of Steel Excel. Steel Connect Sub is a wholly owned subsidiary of Steel Connect. Each of Steel Holdings, SPHG, SPHG Holdings, Steel Holdings GP, Steel Excel and Steel Connect may be deemed to beneficially own the Shares owned directly by Steel Connect Sub.
By: Steel Partners Holdings L.P., By: Steel Partners Holdings GP Inc., General Partner, By: /s/ Maria Reda, Secretary03/23/2026
By: Steel Partners Holdings GP Inc., General Partner, By: /s/ Maria Reda, Secretary03/23/2026
By: SPH Group LLC, By: Steel Partners Holdings GP Inc., Managing Member, By: /s/ Maria Reda, Secretary03/23/2026
By: SPH Group Holdings LLC, By: Steel Partners Holdings GP Inc., Manager, By: /s/ Maria Reda, Secretary03/23/2026
By: Steel Excel Inc., By: /s/ Maria Reda, Secretary03/23/2026
By: Steel Connect LLC., By: /s/ Maria Reda, Secretary03/23/2026
By: Steel Connect Sub LLC, By: /s/ Maria Reda, Secretary03/23/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did SPRU affiliates report on this Form 4?

Affiliated entities reported two open-market purchases of Spruce Power common stock totaling 60,421 shares. The buys occurred on March 19 and 20, 2026, reflecting additional indirect accumulation by Steel Connect Sub LLC within the Steel Partners group structure.

Who actually bought the Spruce Power (SPRU) shares disclosed in this filing?

The shares were bought by Steel Connect Sub LLC, a wholly owned subsidiary of Steel Connect LLC and part of the broader Steel Partners structure. The other reporting entities filed jointly and may be deemed to share beneficial ownership through their indirect interests.

How many SPRU shares does the reporting group hold after these trades?

After these trades, Steel Connect Sub LLC held 3,320,127 Spruce Power shares indirectly. This figure reflects its position following the March 20, 2026 purchase and is reported as part of the jointly filed Form 4 by the affiliated entities.

At what prices were the recent Spruce Power (SPRU) insider purchases made?

The reporting entities disclosed purchases at average prices of $3.7389 per share on March 19, 2026 and $4.3187 per share on March 20, 2026. Both transactions were categorized as open-market purchases of common stock.

Do the Steel Partners entities claim full beneficial ownership of the SPRU shares?

Each reporting entity disclaims beneficial ownership of the reported Spruce Power shares, except to the extent of its pecuniary interest. The group notes it may be deemed a Section 13(d) group collectively owning more than 10% of Spruce Power’s outstanding common stock.

Are these SPRU insider transactions direct or indirect holdings?

The reported Spruce Power holdings are indirect, owned directly by Steel Connect Sub LLC. Other Steel Partners-related entities are upstream owners that may be deemed to beneficially own the same shares through their interests in Steel Connect Sub and related entities.