Spruce Power (SPRU) insider affiliates report new 8,702-share stock buy

Rhea-AI Filing Summary

Spruce Power Holding Corp. insider Steel Connect Sub LLC reported a purchase of common stock. On 12/31/2025, Steel Connect Sub acquired 8,702 shares of Spruce Power common stock at a price of $5.0312 per share in an open-market or similar purchase transaction coded "P." After this transaction, Steel Connect Sub reported beneficial ownership of 3,197,469 Spruce Power shares, held indirectly.

The filing is made jointly by Steel Partners Holdings L.P. and several affiliated entities, which together may be deemed part of a group that owns more than 10% of Spruce Power’s outstanding common stock. The reporting persons state that they disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest.

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
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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 NY 10022

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

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)	12/31/2025		P		8,702	A	$5.0312	3,197,469	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 NY 10022

(City) (State) (Zip)

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 NY 10022

(City) (State) (Zip)

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 NY 10022

(City) (State) (Zip)

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 NY 10022

(City) (State) (Zip)

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 NY 10022

(City) (State) (Zip)

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 NY 10022

(City) (State) (Zip)

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 NY 10022

(City) (State) (Zip)

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	01/05/2026
	By: Steel Partners Holdings GP Inc., General Partner, By: /s/ Maria Reda, Secretary	01/05/2026
	By: SPH Group LLC, By: Steel Partners Holdings GP Inc., Managing Member, By: /s/ Maria Reda, Secretary	01/05/2026
	By: SPH Group Holdings LLC, By: Steel Partners Holdings GP Inc., Manager, By: /s/ Maria Reda, Secretary	01/05/2026
	By: Steel Excel Inc., By: /s/ Maria Reda, Secretary	01/05/2026
	By: Steel Connect LLC., By: /s/ Maria Reda, Secretary	01/05/2026
	By: Steel Connect Sub LLC, By: /s/ Maria Reda, Secretary	01/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did SPRU report in this Form 4?

The Form 4 reports that Steel Connect Sub LLC acquired 8,702 shares of Spruce Power Holding Corp. common stock on 12/31/2025 in a purchase transaction coded "P."

What price was paid per share in the SPRU insider purchase?

The reported purchase price was $5.0312 per share for the Spruce Power Holding Corp. common stock acquired on 12/31/2025.

How many SPRU shares are beneficially owned after this transaction?

Following the reported transaction, Steel Connect Sub LLC reported beneficial ownership of 3,197,469 shares of Spruce Power Holding Corp. common stock, held indirectly.

Who are the reporting persons in this SPRU Form 4 filing?

The filing is made 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, collectively referred to as the reporting persons.

What is the relationship of the reporting persons to Spruce Power (SPRU)?

The reporting persons indicate that they are related to the issuer as a group that may collectively own more than 10% of Spruce Power Holding Corp.’s outstanding common stock and that the filing reflects indirect beneficial ownership through affiliated entities.

Do the reporting persons claim full beneficial ownership of the SPRU shares?

The reporting persons state that they disclaim beneficial ownership of the securities reported, except to the extent of their pecuniary interest in those shares.

How is the ownership of SPRU shares structured among the Steel entities?

The filing explains that the shares are owned directly by Steel Connect Sub LLC, an indirect subsidiary within a chain that includes Steel Connect LLC, Steel Excel Inc., SPH Group Holdings LLC, SPH Group LLC, and ultimately Steel Partners Holdings L.P. and its general partner Steel Partners Holdings GP Inc.