Steel Excel Inc. 4

4 · SPRUCE POWER HOLDING CORP · Filed Mar 16, 2026

AI-generated summary of this filing

Updated Mar 16, 2026

Spruce Power (SPRU) 10% Owner Steel Partners Buys Shares

What Happened

Steel Partners Holdings L.P. (part of a group of related reporting entities that together own >10% of Spruce Power Holding Corp) made open‑market purchases of common stock. On 2026-03-12 it acquired 15,160 shares at $4.20 each ($63,672) and on 2026-03-13 it acquired 2,947 shares at $4.30 each ($12,662), totaling 18,107 shares for $76,334. These were purchases (P), which are generally interpreted as accumulation rather than a sale.

Key Details

Transaction dates and prices:
- 2026-03-12: 15,160 shares @ $4.20 ($63,672)
- 2026-03-13: 2,947 shares @ $4.30 ($12,662)
Total purchased: 18,107 shares for $76,334.
Shares owned after transaction: Not specified in the provided excerpt; the filing states the Reporting Persons collectively constitute a Section 13(d) group owning more than 10% of outstanding common stock.
Notable footnotes:
- The Form 4 is filed jointly by several related entities (Steel Partners Holdings L.P., Steel Partners Holdings GP Inc., SPH Group LLC and affiliates). They disclaim beneficial ownership except to the extent of pecuniary interest (F1).
- The shares were owned directly by Steel Connect Sub, with a chain of ownership tying the other reporting entities to those shares (F2).
Filing timeliness: Report filed 2026-03-16 covering transactions on Mar 12–13; filing date is within required Form 4 timing and is not late.

Context

These were straight open‑market purchases by a large institutional/insider group (transaction code P), not option exercises, awards, or gifts. For retail investors, purchases by a >10% owner indicate institutional accumulation but do not reveal motive; treat as one data point among broader fundamentals and market activity.

Form 4

Period: 2026-03-12

10% Owner

Transactions

Purchase
Common Stock, par value $0.0001 per share
[F1][F2]
2026-03-12$4.20/sh+15,160$63,672→ 3,256,759 total(indirect: By LLC)
Purchase
Common Stock, par value $0.0001 per share
[F1][F2]
2026-03-13$4.30/sh+2,947$12,662→ 3,259,706 total(indirect: By LLC)

Footnotes (2)

[F1]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.
[F2]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.

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