Steel Excel Inc. 4

What Happened

• Steel Partners Holdings L.P. (a reported >10% owner) made two purchases of Spruce Power Holding Corp. (SPRU) common stock: 11,228 shares on 2026-03-31 at $4.03 ($45,207) and 1,409 shares on 2026-04-02 at $4.05 ($5,706), for a combined total of 12,637 shares and ~$50,913. These were purchases (transaction code P), which are often viewed as a bullish signal but do not by themselves indicate motivation.

Key Details

• Transaction dates and prices:
  • 2026-03-31: 11,228 shares @ $4.03 = $45,207
  • 2026-04-02: 1,409 shares @ $4.05 = $5,706
• Shares owned after transaction: Not specified in the provided excerpt (the filing notes the Reporting Persons together constitute a Section 13(d) group owning more than 10%).
• Filing: Form 4 filed 2026-04-02 for the period ending 2026-03-31 — appears timely (Form 4s are generally due within two business days of the transaction).
• 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; SPH Group Holdings LLC; Steel Excel Inc.; Steel Connect LLC; and Steel Connect Sub LLC). Each disclaims beneficial ownership except to the extent of pecuniary interest.
  • The reported shares are owned directly by Steel Connect Sub; through ownership chains the other Reporting Persons may be deemed to beneficially own those shares.

Context

• These were direct purchases (code P) — not option exercises, gifts, or awards. As a 10% institutional owner, this activity reflects buying by an affiliated investment group rather than an individual company executive.