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Spruce Power Regains Compliance with NYSE Minimum Price Requirement
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
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.
Positive
Regained compliance with NYSE's minimum share price of $1.00.
CEO highlights positioning for growth through acquisitions.
Over 51,000 subscribers indicating robust customer base.
Negative
None.
DENVER--(BUSINESS WIRE)--
Spruce Power (NYSE: SPRU) (“Spruce” or the “Company”), a leading owner and operator of distributed solar energy assets across the United States, today announced that the New York Stock Exchange (the “NYSE”) notified the Company that it has regained compliance with the NYSE’s continued listing standard for minimum share price.
On October 20, 2022, the NYSE notified Spruce of noncompliance with the NYSE’s continued listing standards because the average closing price of the Company’s common stock was less than $1.00 per share over a period of 30 consecutive trading days. On February 1, 2023, the NYSE confirmed that the Company’s average price for the trailing 30 consecutive trading days ended January 31, 2023, and that day’s final closing price, was above the NYSE’s minimum requirement of $1.00.
Christian Fong, who assumed the role of Chief Executive Officer effective February 1, 2023, in accordance with Spruce’s previously announced CEO transition plan, commented, “Today’s announcement represents another positive step for Spruce entering 2023 as a customer-oriented owner/operator of residential solar power systems. Looking ahead, Spruce is well-positioned and capitalized to execute on its differentiated business model focused on growth through acquisition of existing residential solar energy portfolios.”
About Spruce Power
Spruce Power 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 and small businesses to own and maintain rooftop solar 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 has more than 51,000 subscribers across the United States. For additional information, please visit www.sprucepower.com.
Forward Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: expectations regarding the growth of the solar industry, home electrification, electric vehicles and distributed energy resources; the ability to successfully integrate the Spruce Power acquisition; the highly competitive nature of the Company’s business and markets; the ability to execute on and consummate business plans in anticipated time frames; litigation, complaints, warranty claims, product liability claims and/or adverse publicity; results of operations, financial condition, regulatory compliance and customer experience; the potential loss of customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; risks related to the rollout of the Company’s business and the timing of expected business milestones, including supply chain and labor shortage challenges in the solar panel markets; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2022, subsequent Quarterly Reports on Form 10-Q and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.
