Spruce Power Announces Reverse Stock Split
October 02 2023 - 5:08PM
Business Wire
1-for-8 reverse stock split of Spruce’s common
stock approved by stockholders
Spruce’s common stock anticipated to begin
trading on a split-adjusted base on October 9, 2023
Spruce Power Holding Corporation (NYSE: SPRU) (“Spruce” or the
“Company”), a leading owner and operator of distributed solar
energy assets across the United States, today announced that its
stockholders have approved a 1-for-8 reverse stock split (“Reverse
Split”) of the Company’s common stock at a special stockholder
meeting held today, October 2, 2023. The Reverse Split, which has
previously been approved by the Company’s Board of Directors, is
intended to enable Spruce to comply with the New York Stock
Exchange’s continued listing requirements and make the common stock
more attractive to a broader range of institutional investors.
The Reverse Split is expected to become effective on October 6,
2023, and the Company’s common stock will begin trading on a
split-adjusted basis when the market opens on October 9, 2023,
under the existing trading symbol “SPRU” and new CUSIP number
9837FR209.
As a result of the Reverse Split, each eight shares of the
Company’s issued and outstanding common stock will automatically be
reclassified and combined into one share of common stock.
Proportional adjustments will also be made to the Company’s
outstanding equity awards and warrants. No fractional shares will
be issued in connection with the Reverse Split. Any stockholder who
would otherwise be entitled to a fractional share of common stock
will instead receive a cash payment equal to such fraction
multiplied by the closing price of the Company’s common stock as
reported by the NYSE on October 6, 2023, as adjusted to give effect
to the Reverse Split.
Additional information about the Reverse Split can be found in
Spruce’s definitive proxy statement filed with the U.S. Securities
and Exchange Commission (“SEC”) on August 23, 2023, which is
available on the SEC’s website at www.sec.gov and on the Company’s
website at www.investors.sprucepower.com.
About Spruce Power
Spruce Power Holding Corporation (NYSE: SPRU) is a leading owner
and operator of distributed solar energy assets across the United
States. We provide subscription-based services that make it easy
for homeowners to benefit from rooftop solar power and battery
storage. Our as-a-service model allows consumers to access new
technology without making a significant upfront investment or
incurring maintenance costs. Our company owns the cash flows from
over 75,000 home solar assets and contracts across the United
States. For additional information, please visit
www.sprucepower.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231002189358/en/
Investor Contact: investors@sprucepower.com Head of Investor
Relations: Bronson Fleig
Media Contact: publicrelations@sprucepower.com
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