Steel Connect Sub LLC, a subsidiary of Steel Connect LLC, recorded a series of purchases of Spruce Power Holding Corp. (NASDAQ: SPRU) equity in mid-April 2026, according to a Form 4 filed with the Securities and Exchange Commission.
The transactions took place over three days. On April 15, 2026, the subsidiary acquired 10,463 shares at $4.0947 per share for a total of $42,842. The following day, April 16, 2026, it added 141 shares at $4.1000, totaling $578. On April 17, 2026, Steel Connect Sub purchased 3,640 shares at $4.0327, amounting to $14,679. All three entries on the Form 4 are listed as acquisitions.
Taken together, these purchases amount to $58,099, with transaction prices ranging from $4.0327 to $4.10. After these buys, Steel Connect Sub LLC is reported to directly own 3,405,045 shares of Spruce Power Holding Corp.
Market performance context included in the filing notes that SPRU has appreciated 98.5% over the trailing 12 months, while trading 19% lower year-to-date. An analysis from InvestingPro referenced in the filing indicates that SPRU currently appears overvalued relative to its Fair Value; the platform points users to its Pro Research Report, one of more than 1,400 reports available for U.S. equities.
Separately, Spruce Power disclosed fourth-quarter financial results showing revenue of $24.0 million for the quarter, a 19% increase versus the same period a year earlier. The company attributed the revenue gain to portfolio growth and an expansion in services. Despite the top-line increase, Spruce Power reported an adjusted loss per share of -$0.38 for the quarter ended December 31, 2025.
In governance news, the company amended its bylaws to extend the deadline for shareholder proposals and nominations for director candidates for the 2026 annual meeting. The new deadline is April 30, 2026; proposals or nominations submitted after that date will not be considered for the 2026 meeting.
The Form 4 filing documents the insider purchases and the company filings provide the most recent financial and procedural disclosures. Readers seeking the InvestingPro valuation view are directed to that platform’s Pro Research Report for subscribers.
Summary
Between April 15 and April 17, 2026 Steel Connect Sub LLC purchased 14,264 shares of Spruce Power across three transactions totaling $58,099, increasing its direct holdings to 3,405,045 shares. The transactions were recorded as acquisitions on an SEC Form 4. Spruce Power’s recent quarterly report showed revenue growth to $24.0 million but an adjusted EPS loss of -$0.38. The company also moved the shareholder proposal and nomination deadline to April 30, 2026.
Key points
- Steel Connect Sub executed three purchases of SPRU shares on April 15-17, 2026, spending a combined $58,099.
- Following the purchases, Steel Connect Sub LLC directly owns 3,405,045 Spruce Power shares.
- Spruce Power reported Q4 revenue of $24.0 million, up 19% year-over-year, and an adjusted loss per share of -$0.38; the company extended its deadline for shareholder proposals to April 30, 2026.
Sectors impacted - Energy and financial markets, particularly the small-cap renewables and residential energy services segment.
Risks and uncertainties
- Valuation risk: InvestingPro analysis cited in disclosures indicates SPRU appears overvalued relative to its Fair Value, which could affect investor returns in the equity markets.
- Profitability risk: Despite revenue growth, Spruce Power reported an adjusted EPS loss of -$0.38 for the quarter ended December 31, 2025, underscoring ongoing operating losses.
- Governance timing: The amended bylaw deadline of April 30, 2026 for shareholder proposals and nominations limits opportunities for late submissions ahead of the 2026 annual meeting.
Note: This article reports the transactions and company disclosures as filed; it does not offer investment advice.