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.
Spruce Power Holding Corp. (SPRU) received a Form 3 initial ownership filing showing 1,845,950 shares of common stock beneficially owned indirectly by Steel Connect Sub LLC. The filing was made jointly by 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, with the Reporting Persons indicating Director and 10% Owner status.
The group states it may be deemed a Section 13(d) group that collectively owns more than 10% of outstanding shares and disclaims beneficial ownership except to the extent of pecuniary interest. Event date: 11/11/2025.
Spruce Power Holding Corp. (SPRU): Schedule 13D filed by Steel Partners–affiliated entities. The group reports beneficial ownership of 2,535,049 shares of common stock, equal to 14.0% of shares outstanding, based on 18,168,863 shares outstanding as of November 5, 2025. An additional 50,000 shares are owned directly by Jack L. Howard.
The filing states the purchases were made because the shares were viewed as undervalued. Steel Connect Sub acquired its stake for approximately $7,934,143, and Mr. Howard’s shares were purchased for approximately $80,010, including brokerage commissions. The group indicates it may buy or sell shares, engage in discussions with management and the Board, or consider other transactions, while noting no present plans under Item 4(a)–(j). The parties entered a Joint Filing Agreement.
Spruce Power Holding Corporation reported stronger operating results for the quarter ended September 30, 2025. Revenue rose to $30.7 million from $21.4 million a year ago, and income from operations improved to $8.5 million from a prior loss. Net loss attributable to stockholders narrowed to $0.9 million from $53.5 million in the prior-year quarter as depreciation, operating costs, and litigation expenses eased.
Liquidity remains tight due to non-recourse debt timing. Current non-recourse debt increased to $218.5 million with the SP1 Facility maturing on April 30, 2026. The company disclosed that these conditions raise substantial doubt about its ability to continue as a going concern, while noting plans to refinance and term sheets under review. Cash and cash equivalents were $53.6 million and restricted cash $45.1 million. For the nine months, operating cash flow was near break-even at $(0.2) million. The company continued integrating the NJR acquisitions, adding systems for about $4.8 million year-to-date.
Spruce Power Holding Corporation furnished an Item 2.02 Form 8-K announcing results for the third quarter ended September 30, 2025. The company reported these results via a press release incorporated by reference as Exhibit 99.1.
The furnished materials are not deemed filed for purposes of Section 18 of the Exchange Act and are not incorporated into other filings unless specifically referenced. Exhibit 99.1 is the press release dated November 10, 2025.
Spruce Power Holding Corporation approved a plan to streamline operations through a reduction in force. The company expects these actions, including staff cuts, to generate approximately $20 million in annualized cost savings once fully implemented.
The reduction affects about 40 employees and contractors, or roughly 19% of the workforce, who were notified on September 24, 2025. Spruce Power estimates it will incur around $1 million of charges, mainly for severance and related cash costs, with most of these recognized in the third quarter of 2025.
Jonathan M. Norling, Chief Legal Officer of Spruce Power Holding Corp (SPRU), reported a Form 4 disclosing a transaction on 09/09/2025. The filing shows 5,899 shares of common stock were disposed of at a price of $1.59 per share. After the transaction, the reporting person beneficially owned 435,517 shares. The filing explains the 5,899 shares were withheld to satisfy the reporting person's tax withholding obligations related to the vesting of previously reported restricted stock units (RSUs). The applicable RSUs were originally reported on the Form 3 filed April 3, 2023.
Spruce Power Holding Corporation reported that it has completed another small add-on acquisition under an existing asset purchase agreement for residential solar assets. On September 5, 2025, the company acquired 7 additional solar energy systems from NJR Clean Energy Ventures II Corporation for approximately $0.2 million in cash, pursuant to the previously disclosed Asset Purchase Agreement. This transaction follows earlier incremental purchases under the same agreement, further expanding Spruce Power’s portfolio of owned residential solar systems.
Spruce Power (SPRU) owns and operates distributed residential solar assets and reported revenue of $33.2 million for the quarter ended June 30, 2025, up from $22.5 million a year earlier. Operating income improved to $8.9 million for the quarter versus an operating loss in the prior-year quarter, driven by higher PPA, SLA and SREC revenues.
The company had $862.6 million in total assets and $127.4 million of total equity at June 30, 2025. Cash and cash equivalents were $53.5 million and restricted cash $36.9 million, totaling $90.5 million. Non-recourse debt totaled $695.0 million (current portion $215.6 million), and management notes the SP1 facility matures April 30, 2026 and intends to seek refinancing but gives no assurance. The company reported a six-month net loss of $18.2 million and disclosed substantial doubt about its ability to continue as a going concern absent refinancing.
Spruce Power Holding Corporation filed a Form 8-K to report that it has released its results for the second quarter ended June 30, 2025. On August 11, 2025, the company issued a press release detailing these results, which is provided as Exhibit 99.1 and incorporated by reference.
The disclosure under Item 2.02, including the press release, is being furnished rather than filed, meaning it is not subject to certain liability provisions of the securities laws unless specifically incorporated into other filings. The 8-K also includes the cover page interactive data file as Exhibit 104.