Steel Excel Inc. 4

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.