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

Steel Partners group (SPRU) boosts stake with 12,637-share open-market buy

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

Rhea-AI Filing Summary

Steel Connect Sub LLC, an affiliate of Steel Partners Holdings, reported open-market purchases of Spruce Power Holding Corp (SPRU) common stock. On March 31, it bought 11,228 shares at $4.0263 per share, and on April 2 it bought 1,409 shares at $4.05 per share.

After these transactions, Steel Connect Sub LLC indirectly held 3,361,567 SPRU shares. The filing is made jointly by several related Steel Partners entities as ten percent owners, and each reporting person disclaims beneficial ownership beyond 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 12,637 shs ($51K)
Type Security Shares Price Value
Purchase Common Stock, par value $0.0001 per share 1,409 $4.05 $6K
Purchase Common Stock, par value $0.0001 per share 11,228 $4.0263 $45K
Holdings After Transaction: Common Stock, par value $0.0001 per share — 3,361,567 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.
Total shares bought 12,637 shares Two open-market purchases of SPRU common stock
Purchase 1 size 11,228 shares Open-market buy on March 31 at $4.0263 per share
Purchase 1 price $4.0263/share Open-market buy of 11,228 SPRU shares on March 31
Purchase 2 size 1,409 shares Open-market buy on April 2 at $4.05 per share
Purchase 2 price $4.05/share Open-market buy of 1,409 SPRU shares on April 2
Shares held after trades 3,361,567 shares Spruce Power shares indirectly held by Steel Connect Sub LLC after transactions
Net buy direction 12,637 net-buy shares Transaction summary shows net-buy activity, no sales
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"
ten percent owner regulatory
"Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively owns more than 10%"
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.
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)
03/31/2026		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)03/31/2026P11,228A$4.02633,360,158IBy Steel Connect Sub LLC(2)
Common Stock, par value $0.0001 per share(1)(2)04/02/2026P1,409A$4.053,361,567IBy 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, Secretary04/02/2026
By: Steel Partners Holdings GP Inc., General Partner, By: /s/ Maria Reda, Secretary04/02/2026
By: SPH Group LLC, By: Steel Partners Holdings GP Inc., Managing Member, By: /s/ Maria Reda, Secretary04/02/2026
By: SPH Group Holdings LLC, By: Steel Partners Holdings GP Inc., Manager, By: /s/ Maria Reda, Secretary04/02/2026
By: Steel Excel Inc., By: /s/ Maria Reda, Secretary04/02/2026
By: Steel Connect LLC., By: /s/ Maria Reda, Secretary04/02/2026
By: Steel Connect Sub LLC, By: /s/ Maria Reda, Secretary04/02/2026
** 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 Steel Partners entities report in SPRU stock?

The filing reports two open-market purchases of Spruce Power (SPRU) common stock by Steel Connect Sub LLC totaling 12,637 shares, bought at prices of $4.0263 and $4.05 per share, increasing its indirect ownership stake.

Who actually holds the SPRU shares in this Steel Partners Form 4?

The shares are owned directly by Steel Connect Sub LLC. Other reporting entities, including Steel Partners Holdings L.P. and affiliates, are related upstream owners and may be deemed to beneficially own the shares through their interests in Steel Connect Sub LLC.

How many Spruce Power (SPRU) shares are held after these insider purchases?

Following the reported transactions, Steel Connect Sub LLC indirectly held 3,361,567 shares of Spruce Power common stock. This figure reflects its position after buying 11,228 shares on March 31 and 1,409 shares on April 2.

Are the Steel Partners reporting persons considered major shareholders of SPRU?

Yes. The reporting entities may be deemed part of a Section 13(d) group that collectively owns more than 10% of Spruce Power’s outstanding common stock, making them significant shareholders under U.S. securities rules.

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

No. Each reporting person disclaims beneficial ownership of the securities reported, except to the extent of its pecuniary interest. This means they only acknowledge economic interest, not necessarily full voting or investment authority.

What type of insider transactions are shown in this SPRU Form 4?

Both transactions are coded P, meaning open-market or private purchases of common stock. There are no sales, option exercises, gifts, or tax-withholding dispositions reported, and no derivative securities remain listed in this filing.