Steel Excel Inc. 4

What Happened
Steel Partners Holdings L.P., part of a group that owns more than 10% of Spruce Power Holding Corp (SPRU), made open-market purchases of SPRU stock. The reporting group bought 13,739 shares at $3.74 on 2026-03-19 ($51,369) and 46,682 shares at $4.32 on 2026-03-20 ($201,606), for a total of 60,421 shares costing approximately $252,975 (avg. price ≈ $4.19). These were purchases (potentially interpreted as a bullish signal) rather than sales.

Key Details

• Transactions: Purchases (code P) on 2026-03-19 and 2026-03-20.
  • 3/19/2026: 13,739 shares @ $3.74 = $51,369
  • 3/20/2026: 46,682 shares @ $4.32 = $201,606
• Total purchased: 60,421 shares for ~$252,975 (avg ~ $4.19/share).
• Shares owned after transaction: Not specified in the provided filing details.
• Filing timeliness: Form 4 filed 2026-03-23 — within the required two business days of the transactions (timely).
• Notable footnotes:
  • F1/F2 indicate the Form 4 is filed jointly by a group of affiliated entities (Steel Partners Holdings L.P., related GP and subsidiary entities). The group may be deemed a Section 13(d) holder owning >10% of SPRU; each entity disclaims beneficial ownership except for pecuniary interest.
  • Purchases are reported as owned directly by Steel Connect Sub (an indirect subsidiary) with other entities potentially deemed to beneficially own those shares.

Context
This filing reflects institutional-level purchases by a 10% owner (a reporting group of affiliated entities), not a company executive. Institutional buys can be informative to investors but don’t by themselves explain the buyer’s motive. The transactions were open-market/private purchases (P) and the filing appears timely.