Steel Connect Sub boosts Spruce Power (SPRU) stake with 24,335-share buy

Filing Impact

(Moderate)

Filing Sentiment

(Positive)

Form Type

Rhea-AI Filing Summary

Steel Connect Sub LLC, an indirect subsidiary of Steel Connect LLC, bought 24,335 shares of Spruce Power Holding Corp

Positive

None.

Negative

None.

Insider Trade Summary

Net Buyer: 24,335 shares ($100,416)

Net Buy 1 txn

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 null | null | null | null | null | null | null

Bought 24,335 shs ($100K)

Type Security Shares Price Value

Purchase Common Stock, par value $0.0001 per share 24,335 $4.1264 $100K

Holdings After Transaction: Common Stock, par value $0.0001 per share — 3,429,380 shares (Indirect, By Steel Connect Sub LLC)

Footnotes (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.

Key Figures

Shares purchased: 24,335 shares Purchase price: $4.1264 per share Shares held after transaction: 3,429,380 shares +2 more

5 metrics

Shares purchased 24,335 shares Open-market buy of Spruce Power common stock

Purchase price $4.1264 per share Price paid for each Spruce Power share

Shares held after transaction 3,429,380 shares Indirect holdings by Steel Connect Sub after the buy

Net buy shares 24,335 shares Net change in position from this Form 4

Section 13(d) group threshold more than 10% Group ownership of issuer’s outstanding common stock

Key Terms

Section 13(d) group, beneficial ownership, pecuniary interest, open-market purchase, +1 more

5 terms

Section 13(d) group regulatory

"may be deemed to be a member of a Section 13(d) group that collectively owns more than 10%"

beneficial ownership regulatory

"Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of the securities reported herein, except to the extent of its pecuniary interest"

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

indirect subsidiary financial

"Steel Connect is an indirect subsidiary of Steel Excel. Steel Connect Sub is a wholly owned subsidiary"

Form 4 Insider Transactions: What Each Field Means →

04/22/2026 - 04:47 PM

SEC Form 4
FORM 4 UNITED 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)
Director X 10% Owner
Officer (give title below) Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/20/2026 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form 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)
Code V Amount (A) or (D) Price
Common Stock, par value $0.0001 per share⁽¹⁾⁽²⁾ 04/20/2026 P 24,335 A $4.1264 3,429,380 I By 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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount 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
Director X 10% 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
Director X 10% 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
Director X 10% 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
Director X 10% 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
Director X 10% 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
Director X 10% 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
Director X 10% 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, Secretary 04/22/2026
By: Steel Partners Holdings GP Inc., General Partner, By: /s/ Maria Reda, Secretary 04/22/2026
By: SPH Group LLC, By: Steel Partners Holdings GP Inc., Managing Member, By: /s/ Maria Reda, Secretary 04/22/2026
By: SPH Group Holdings LLC, By: Steel Partners Holdings GP Inc., Manager, By: /s/ Maria Reda, Secretary 04/22/2026
By: Steel Excel Inc., By: /s/ Maria Reda, Secretary 04/22/2026
By: Steel Connect LLC., By: /s/ Maria Reda, Secretary 04/22/2026
By: Steel Connect Sub LLC, By: /s/ Maria Reda, Secretary 04/22/2026
** Signature of Reporting Person Date
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 transaction did Steel Connect Sub report in SPRU?

Steel Connect Sub LLC reported buying 24,335 shares of Spruce Power Holding Corp. common stock. The shares were acquired in an open-market transaction at $4.1264 per share, increasing its indirect holdings to 3,429,380 shares according to the Form 4 filing.

At what price were the SPRU shares purchased in this Form 4?

The reported purchase price was $4.1264 per share for Spruce Power common stock. This price applies to the 24,335 shares bought in the open-market transaction disclosed, forming the basis for the total value of the trade in the Form 4.

How many SPRU shares does Steel Connect Sub hold after the transaction?

After the reported transaction, Steel Connect Sub is shown holding 3,429,380 Spruce Power common shares indirectly. This total reflects the previous position plus the 24,335 shares purchased in the open market, as summarized in the post-transaction holdings column.

Who are the reporting persons on this Spruce Power (SPRU) Form 4?

The Form 4 is filed jointly by Steel Partners Holdings L.P., Steel Partners Holdings GP Inc., SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., Steel Connect LLC and Steel Connect Sub LLC, which together may be deemed a Section 13(d) group owning over 10% of Spruce Power.

Does the Steel Partners group claim full beneficial ownership of the SPRU shares?

The reporting entities state they may be deemed beneficial owners of shares held by Steel Connect Sub but each disclaims beneficial ownership, except to the extent of its pecuniary interest. This limits how much ownership they attribute to themselves under securities rules.

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.0001 per share⁽¹⁾⁽²⁾	04/20/2026		P		24,335	A	$4.1264	3,429,380	I	By 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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

	By: Steel Partners Holdings L.P., By: Steel Partners Holdings GP Inc., General Partner, By: /s/ Maria Reda, Secretary	04/22/2026
	By: Steel Partners Holdings GP Inc., General Partner, By: /s/ Maria Reda, Secretary	04/22/2026
	By: SPH Group LLC, By: Steel Partners Holdings GP Inc., Managing Member, By: /s/ Maria Reda, Secretary	04/22/2026
	By: SPH Group Holdings LLC, By: Steel Partners Holdings GP Inc., Manager, By: /s/ Maria Reda, Secretary	04/22/2026
	By: Steel Excel Inc., By: /s/ Maria Reda, Secretary	04/22/2026
	By: Steel Connect LLC., By: /s/ Maria Reda, Secretary	04/22/2026
	By: Steel Connect Sub LLC, By: /s/ Maria Reda, Secretary	04/22/2026
	** Signature of Reporting Person	Date
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)