Spruce Power Holding Corporation - SPRU STOCK NEWS

Spruce Power Holding Corp. (NYSE: SPRU) is facing a compliance issue with the NYSE due to its stock price falling below $1.00 per share for 30 consecutive trading days as of March 27, 2023. The company has six months to regain compliance by achieving the required stock price. The NYSE notification does not impact Spruce Power's business operations or its ability to meet other listing standards. Spruce Power plans to explore all available alternatives to address this price deficiency and maintain its listing status on the NYSE.

Spruce Power Holding Corporation (NYSE: SPRU) announced its financial results for Q4 and full year 2022, reporting a revenue of $18.1 million for Q4, up from $5.1 million in Q3, following the completion of its acquisition on September 9, 2022. The company completed its strategic transformation into a pure play residential rooftop solar operator, adding approximately 22,500 customers and an annual portfolio EBITDA of over $18 million. Despite a net loss of $43.2 million for Q4, including losses from discontinued operations, Spruce ended the year with $240.1 million in cash, positioning it for future growth.

Spruce Power Holding Corporation (NYSE: SPRU) announced on March 23, 2023 the acquisition of SS Holdings 2017, LLC, increasing its customer contract base by 44% to over 72,000 systems. This acquisition, the largest in Spruce’s history, adds approximately 22,500 residential solar contracts with strong credit characteristics, expected to generate over $21 million in annual billings and $18 million in annual EBITDA. The deal expands Spruce's market presence into Washington and Oregon, involving a total cash outlay of $35 million plus $125 million in non-recourse project debt.

Spruce Power Holding Corporation (NYSE: SPRU) is monitoring the transition of Silicon Valley Bank into receivership by the Federal Deposit Insurance Corporation. The Company has assessed its exposure to SVB as immaterial, reporting less than $1 million in cash deposits with the bank. Additionally, while some subsidiaries are involved in non-recourse senior debt facilities with SVB, the Company anticipates negligible operational and financial impact. Spruce Power will continue to evaluate the situation and provide an update during its earnings call on March 23, 2023.

Spruce Power Holding Corporation (NYSE: SPRU) announced its fourth quarter and full year 2022 financial results will be released after market close on March 23, 2023. A conference call will follow at 4:30 P.M. EDT for discussion with investors and analysts. The results will be accessible on the Investor Relations section of their website. As a leader in distributed solar energy assets, Spruce serves approximately 51,000 subscribers across the United States, offering subscription-based services for solar and battery storage, enabling homeowners to adopt renewable energy without substantial upfront costs.

Spruce Power (NYSE: SPRU) has regained compliance with the NYSE's minimum share price requirement after previously being noncompliant due to an average stock price below $1.00. On February 1, 2023, the NYSE confirmed that Spruce's average price had exceeded this threshold, affirming the company's position. CEO Christian Fong noted this as a positive development, emphasizing Spruce's strategy to focus on growth through acquiring existing residential solar energy portfolios. Currently, Spruce Power serves over 51,000 subscribers and operates a subscription-based service model, facilitating access to solar technology for homeowners and businesses.

Spruce Power (NYSE: SPRU) announces a leadership transition effective February 1, 2023, with Christian Fong stepping in as CEO, taking over from Eric Tech, who will remain on the Board of Directors. Fong, with 15 years of executive experience in the power sector, previously led Spruce to become North America's largest privately held residential solar operator. The company moved its headquarters to Denver, Colorado, on January 1, 2023. With over $200 million in unrestricted cash, Spruce is well positioned to capitalize on the growing rooftop solar market.

Spruce Power (NYSE: SPRU) announces the retirement of board member Deb Frodl and the resignation of Sarah Sclarsic, both effective December 31, 2022. Chris Hayes will assume the role of Chair starting January 1, 2023. Frodl has served since May 2018, contributing significantly to the company’s strategy, while Sclarsic leaves to pursue opportunities in climate technology. Hayes, with over 20 years in clean energy, aims to position Spruce as a leader in distributed energy resources.