Spruce Power Holding announces 1-for-8 reverse stock split

Spruce Power Holding Corporation announced that its stockholders have approved a 1-for-8 reverse stock 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.