Steel Excel Inc. 4

What Happened

• Steel Partners Holdings L.P. (part of a group of related Steel entities reporting jointly as a >10% owner) purchased a total of 9,702 shares of Spruce Power Holding Corp (SPRU) in three open-market/private purchases. The buys were: 1,700 shares at $4.00 on 2026-04-10 ($6,800), 2,975 shares at $4.00 on 2026-04-13 ($11,900), and 5,027 shares at $4.05 on 2026-04-14 ($20,359), totaling approximately $39,059. These were purchases (transaction code P), which are generally considered more informative than routine sales.

Key Details

• Transaction dates & prices:
  • 2026-04-10: 1,700 shares @ $4.00 — $6,800
  • 2026-04-13: 2,975 shares @ $4.00 — $11,900
  • 2026-04-14: 5,027 shares @ $4.05 — $20,359
• Total shares acquired: 9,702; approximate total value: $39,059.
• Shares owned after transaction: Not specified in the transaction summary; filing notes the Reporting Persons collectively own more than 10% of outstanding common stock.
• Footnotes: The Form 4 is filed jointly by multiple Steel-related entities (Steel Holdings, Steel Holdings GP, SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., Steel Connect LLC and Steel Connect Sub). Steel Connect Sub owned the reported shares directly; other entities may be deemed beneficial owners through ownership and control relationships. Each Reporting Person disclaims beneficial ownership except to the extent of its pecuniary interest.
• Timeliness: Period of report begins 2026-04-10; the Form 4 was filed 2026-04-14. The filing appears timely under the Form 4 two-business-day requirement.

Context

• This filing reflects institutional purchases by a significant shareholder group (a Section 13(d) group holding >10%), not an individual officer or director. Institutional buys can signal increased interest but do not reveal the group’s intent. No options, gifts, or tax-withholding events were reported in these transactions.