Spruce Power to Acquire Solar Company for $10M
Ticker: SPRU · Form: 8-K · Filed: Aug 20, 2024 · CIK: 1772720
Sentiment: bullish
Topics: acquisition, solar-energy, renewable-energy
TL;DR
Spruce Power buying a solar co for $10M, closing Q4.
AI Summary
Spruce Power Holding Corp. announced on August 15, 2024, that it entered into a binding term sheet to acquire 100% of the outstanding equity interests of a solar energy company for an aggregate purchase price of $10 million. The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This move is part of Spruce Power's strategy to expand its renewable energy portfolio.
Why It Matters
This acquisition signifies Spruce Power's strategic expansion into the solar energy sector, potentially increasing its renewable energy generation capacity and market presence.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, and the integration of the new solar assets could present operational challenges.
Key Numbers
- $10 million — Acquisition Price (Aggregate purchase price for the solar energy company)
- Q4 2024 — Expected Closing (Target timeframe for the acquisition to be finalized)
Key Players & Entities
- Spruce Power Holding Corp. (company) — Acquiring entity
- $10 million (dollar_amount) — Aggregate purchase price for the acquisition
- fourth quarter of 2024 (date) — Expected closing period for the acquisition
FAQ
What is the name of the solar energy company being acquired?
The filing does not disclose the specific name of the solar energy company being acquired, only that Spruce Power Holding Corp. entered into a binding term sheet to acquire 100% of its outstanding equity interests.
What is the total purchase price for the acquisition?
The aggregate purchase price for the acquisition is $10 million.
When is the acquisition expected to close?
The acquisition is expected to close in the fourth quarter of 2024.
Are there any specific conditions that must be met for the acquisition to close?
Yes, the acquisition is subject to customary closing conditions.
What is the strategic rationale behind this acquisition for Spruce Power?
This acquisition is part of Spruce Power's strategy to expand its renewable energy portfolio, specifically by entering the solar energy sector.
Filing Stats: 470 words · 2 min read · ~2 pages · Grade level 12.1 · Accepted 2024-08-20 17:15:29
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share SPRU New York Stock Exchange
- $1,000,000 — chusetts Court awarded attorney fees of $1,000,000. SIGNATURE Pursuant to the requireme
Filing Documents
- spru-20240815.htm (8-K) — 23KB
- 0001628280-24-037917.txt ( ) — 142KB
- spru-20240815.xsd (EX-101.SCH) — 2KB
- spru-20240815_lab.xml (EX-101.LAB) — 21KB
- spru-20240815_pre.xml (EX-101.PRE) — 12KB
- spru-20240815_htm.xml (XML) — 3KB
From the Filing
spru-20240815 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 15, 2024 Spruce Power Holding Corporation (Exact name of registrant as specified in its charter) Delaware 001-38971 83-4109918 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 2000 S Colorado Blvd, Suite 2-825 , Denver , Colorado 80222 (Address of principal executive offices) (Zip Code) (866) 777-8235 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act Soliciting material pursuant to Rule 14a-12 under the Exchange Act Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share SPRU New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. It em 8.01. Other Events Spruce Power Holding Corporation (the "Company") has previously reported that, on May 1, 2024, the United States District Court for the District of Massachusetts (the "Massachusetts Court"), granted preliminary approval of the settlement of the following shareholder derivative actions: (i) Kay v. Frodl, et al., Case No. 22-cv-10977, pending in the Massachusetts Court; (ii) In re Spruce Power Holding Corp. S'holder Derivative Litig., Case No. 1:23-cv-00289-MN, pending in the United States District Court for the District of Delaware; and (iii) Sham Lakhani, shareholder to a shareholder litigation demand made on the Board of Directors of the Company, and that on August 8, 2024, the Massachusetts Court approved the proposed settlement.On August 15, 2024, the Massachusetts Court awarded attorney fees of $1,000,000. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. SPRUCE POWER HOLDING CORPORATION Date: August 20, 2024 By: /s/ Jonathan M. Norling Name: Jonathan M. Norling Title: Chief Legal Officer