Steel Partners group adds to Spruce Power (SPRU) stake with March share buys

Rhea-AI Filing Summary

Steel Connect Sub LLC, an affiliate of Steel Partners Holdings, reported open-market purchases of Spruce Power Holding Corp. common stock. Across three trades on March 26, 27 and 30, 2026, the entity bought a total of 28,803 shares at prices around $4 per share.

After these purchases, indirect holdings reported for Steel Connect Sub LLC increased to 3,348,930 shares of Spruce Power common stock. The filing is made jointly by several related Steel Partners entities, which note they may be part of a Section 13(d) group owning more than 10% of Spruce Power’s outstanding shares and disclaim beneficial ownership beyond their pecuniary interest.

Insider Trade Summary

Net Buyer: 28,803 shares ($115,039)

Net Buy 3 txns

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 28,803 shs ($115K)

Type	Security	Shares	Price	Value
Purchase	Common Stock, par value $0.0001 per share	20,555	$3.9962	$82K
Purchase	Common Stock, par value $0.0001 per share	5,391	$3.9827	$21K
Purchase	Common Stock, par value $0.0001 per share	2,857	$3.9993	$11K

Holdings After Transaction: Common Stock, par value $0.0001 per share — 3,348,930 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.

Key Figures

Total shares purchased: 28,803 shares Shares bought on Mar 30, 2026: 20,555 shares at $3.9962 Shares bought on Mar 27, 2026: 5,391 shares at $3.9827 +2 more

5 metrics

Total shares purchased 28,803 shares Open-market buys on March 26–30, 2026

Shares bought on Mar 30, 2026 20,555 shares at $3.9962 Common stock open-market purchase

Shares bought on Mar 27, 2026 5,391 shares at $3.9827 Common stock open-market purchase

Shares bought on Mar 26, 2026 2,857 shares at $3.9993 Common stock open-market purchase

Post-transaction holdings 3,348,930 shares Common stock indirectly held by Steel Connect Sub LLC after Mar 30, 2026 trade

Key Terms

Section 13(d) group, beneficial ownership, pecuniary interest, indirect subsidiary, +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 therein"

indirect subsidiary financial

"Steel Connect is an indirect subsidiary of Steel Excel"

wholly owned subsidiary financial

"Steel Connect Sub is a wholly owned subsidiary of Steel Connect"

A wholly owned subsidiary is a company whose entire ownership is held by another company (the parent), so the parent controls decisions, operations, and finances. Think of it as a fully controlled branch that runs as its own legal entity but whose results flow straight into the parent’s financial statements; investors watch these structures because they affect consolidated revenue, risk exposure, and how profits, liabilities, and cash flow are allocated across the corporate group.

Form 4 Insider Transactions: What Each Field Means →

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)
03/26/2026

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)	03/26/2026		P		2,857	A	$3.9993	3,322,984	I	By Steel Connect Sub LLC(2)
Common Stock, par value $0.0001 per share(1)(2)	03/27/2026		P		5,391	A	$3.9827	3,328,375	I	By Steel Connect Sub LLC(2)
Common Stock, par value $0.0001 per share(1)(2)	03/30/2026		P		20,555	A	$3.9962	3,348,930	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	03/30/2026
	By: Steel Partners Holdings GP Inc., General Partner, By: /s/ Maria Reda, Secretary	03/30/2026
	By: SPH Group LLC, By: Steel Partners Holdings GP Inc., Managing Member, By: /s/ Maria Reda, Secretary	03/30/2026
	By: SPH Group Holdings LLC, By: Steel Partners Holdings GP Inc., Manager, By: /s/ Maria Reda, Secretary	03/30/2026
	By: Steel Excel Inc., By: /s/ Maria Reda, Secretary	03/30/2026
	By: Steel Connect LLC., By: /s/ Maria Reda, Secretary	03/30/2026
	By: Steel Connect Sub LLC, By: /s/ Maria Reda, Secretary	03/30/2026
	** 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)

FAQ

What insider activity did Steel Partners report in Spruce Power (SPRU)?

Steel Connect Sub LLC, an affiliate of Steel Partners, reported buying 28,803 shares of Spruce Power common stock in open-market transactions, slightly below $4 per share, increasing its indirect reported holdings to 3,348,930 shares.

Over what dates did the SPRU insider purchases by Steel Connect Sub LLC occur?

The reported open-market purchases occurred on March 26, March 27, and March 30, 2026. Each transaction involved Spruce Power common stock and was executed around the $4 price level, according to the Form 4 filing data.

How many Spruce Power (SPRU) shares did Steel Connect Sub LLC buy in total?

Steel Connect Sub LLC bought a total of 28,803 Spruce Power common shares. The trades were 2,857 shares, 5,391 shares, and 20,555 shares on three consecutive trading days, based on the transaction detail provided.

What prices did Steel Connect Sub LLC pay for its recent SPRU share purchases?

The reported purchase prices were $3.9993, $3.9827, and $3.9962 per Spruce Power share. These prices reflect open-market transactions clustered near $4 per share, as disclosed in the Form 4 transaction table.

What is Steel Connect Sub LLC’s reported Spruce Power (SPRU) position after these trades?

Following the March 2026 purchases, total Spruce Power common shares reported as owned indirectly through Steel Connect Sub LLC are 3,348,930. This figure reflects holdings after the latest transaction, as shown in the Form 4 data.

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

The joint reporting persons are 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 collectively may form a Section 13(d) group.

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

No. The reporting entities state they may be deemed part of a Section 13(d) group but each disclaims beneficial ownership of the reported Spruce Power shares, except to the extent of its pecuniary interest in those securities.