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SPRU Form 4: Steel Partners affiliates report purchases; 2,587,503 held

Filing Impact
(Very High)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Spruce Power Holding Corp (SPRU): Steel Partners–affiliated reporting persons disclosed open‑market purchases of common stock indirectly through Steel Connect Sub LLC. The purchases were 405,998 shares at $3.037 on 11/11/2025; 586,151 shares at $4.2984 on 11/12/2025; 102,948 shares at $4.9894 on 11/13/2025; and 52,454 shares at $4.9997 on 11/14/2025. Following these transactions, indirect beneficial ownership stood at 2,587,503 shares.

The filing was made jointly by Steel Partners Holdings L.P. and related entities. The reporting persons are indicated as Director and 10% Owner.

Positive

  • None.

Negative

  • None.

Insights

Open-market insider purchases increased indirect holdings to 2,587,503 shares; confirms >10% group status.

The reporting persons executed open-market purchases of **Spruce Power Holding Corp.** common stock on 11/11/2025, 11/12/2025, 11/13/2025, and 11/14/2025. Acquisitions totaled 1,147,551 shares at prices of $3.037, $4.2984, $4.9894, and $4.9997, respectively. Following these transactions, indirect beneficial ownership stands at 2,587,503 shares held indirectly by **Steel Connect Sub LLC**.

The filing is joint among multiple affiliated entities (including **Steel Partners Holdings L.P.**, **Steel Partners Holdings GP Inc.**, **SPH Group LLC**, **SPH Group Holdings LLC**, **Steel Excel Inc.**, and **Steel Connect LLC**) that may be deemed a Section 13(d) group owning more than 10%. The securities are reported as indirectly owned through a layered ownership chain culminating in Steel Connect Sub LLC, with standard disclaimers limiting beneficial ownership to pecuniary interest. No derivative transactions were reported in Table II.

Key items to watch are any subsequent Forms 4 reflecting continued accumulation or changes in the reported indirect structure, and any filings that update the group’s ownership status. The immediate reference point is the post-transaction balance of 2,587,503 shares as of 11/14/2025.

Insider STEEL PARTNERS HOLDINGS L.P., Steel Partners Holdings GP Inc., SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., Steel Connect LLC
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Bought 1,147,551 shs ($4.53M)
Type Security Shares Price Value
Purchase Common Stock, par value $0.0001 per share 52,454 $4.9997 $262K
Purchase Common Stock, par value $0.0001 per share 102,948 $4.9894 $514K
Purchase Common Stock, par value $0.0001 per share 586,151 $4.2984 $2.52M
Purchase Common Stock, par value $0.0001 per share 405,998 $3.037 $1.23M
Holdings After Transaction: Common Stock, par value $0.0001 per share — 2,587,503 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") and Steel Connect LLC ("Steel Connect") (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 his or its pecuniary interest therein. Represents securities owned directly by Steel Connect Sub LLC ("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 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 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)
11/11/2025
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) 11/11/2025 P 405,998 A $3.037 1,845,950 I By Steel Connect Sub LLC(2)
Common Stock, par value $0.0001 per share(1)(2) 11/12/2025 P 586,151 A $4.2984 2,432,101 I By Steel Connect Sub LLC(2)
Common Stock, par value $0.0001 per share(1)(2) 11/13/2025 P 102,948 A $4.9894 2,535,049 I By Steel Connect Sub LLC(2)
Common Stock, par value $0.0001 per share(1)(2) 11/14/2025 P 52,454 A $4.9997 2,587,503 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)
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") and Steel Connect LLC ("Steel Connect") (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 his or its pecuniary interest therein.
2. Represents securities owned directly by Steel Connect Sub LLC ("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 11/14/2025
By: Steel Partners Holdings GP Inc., General Partner, By: /s/ Maria Reda, Secretary 11/14/2025
By: SPH Group LLC, By: Steel Partners Holdings GP Inc., Managing Member, By: /s/ Maria Reda, Secretary 11/14/2025
By: SPH Group Holdings LLC, By: Steel Partners Holdings GP Inc., Manager, By: /s/ Maria Reda, Secretary 11/14/2025
By: Steel Excel Inc., By: /s/ Maria Reda, Secretary 11/14/2025
By: Steel Connect LLC., By: /s/ Maria Reda, Secretary 11/14/2025
** 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.

Source: View Original Filing on SEC EDGAR