Steel Excel Inc. 4

What Happened

• Steel Partners Holdings L.P. (identified as a >10% owner via a group of related entities) reported open-market purchases of Spruce Power Holding Corp. (SPRU) common stock. The filing shows 5,000 shares bought on 2026-04-07 at $4.00 ($20,000) and 14,532 shares bought on 2026-04-09 at $3.98 (reported value ~$57,900), totaling 19,532 shares for roughly $77,900. These were purchases (acquisitions), which are generally viewed as more informative than routine sales.

Key Details

• Transaction dates and prices: 2026-04-07 — 5,000 shares @ $4.00; 2026-04-09 — 14,532 shares @ $3.98.
• Total acquired: 19,532 shares, total reported value ≈ $77,900.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Filing date: Form 4 filed 2026-04-09 (covers transactions on 4/7 and 4/9); appears timely (Form 4 is generally due within two business days of the transaction).
• Footnotes: The Form 4 is filed jointly by multiple 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). Footnotes state the shares are owned directly by Steel Connect Sub and that other reporting entities may be deemed to beneficially own the shares but disclaim ownership except for pecuniary interest.

Context

• This filing relates to an institutional/activist investor group that holds more than 10% of SPRU, not an individual officer or director. Institutional purchases can reflect rebalancing or strategic accumulation but do not by themselves indicate management sentiment. The transactions were simple open-market purchases (transaction code P).