Spruce Power’s 1-for-8 Reverse Stock Split Approved by Stockholders

Spruce Power Holding Corporation (NYSE:SPRU) has received approval from its stockholders for a 1-for-8 reverse stock split of the company’s common stock. The decision was made at a special stockholder meeting held on October 2, 2023. The reverse stock split, previously approved by Spruce’s Board of Directors, aims to ensure compliance with the New York Stock Exchange’s listing requirements and attract a broader range of institutional investors.

The reverse stock split is set to take effect on October 6, 2023. Following the split, Spruce’s common stock will begin trading on a split-adjusted basis starting from October 9, 2023, under the existing trading symbol “SPRU” and new CUSIP number 9837FR209.

Under the reverse stock split, every eight shares of Spruce’s issued and outstanding common stock will 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. Fractional shares will not be issued, and instead, stockholders entitled to fractional shares will receive a cash payment equivalent to the fraction multiplied by the closing price of Spruce’s common stock on October 6, 2023, adjusted for the reverse split.

For more detailed information about the reverse stock split, interested parties can refer to Spruce’s definitive proxy statement filed with the U.S. Securities and Exchange Commission (SEC) on August 23, 2023. The statement is available on the SEC’s website at www.sec.gov and on Spruce’s website at www.investors.sprucepower.com.

Spruce Power Holding Corporation (NYSE:SPRU) is a leading owner and operator of distributed solar energy assets across the United States. The company offers subscription-based services that enable homeowners to benefit from rooftop solar power and battery storage. Through its as-a-service model, Spruce allows consumers to access new technology without significant upfront investment or maintenance costs. With ownership of the cash flows from over 75,000 home solar assets and contracts nationwide, Spruce Power is committed to advancing renewable energy solutions.

Source: [Business Wire](https://www.businesswire.com/news/home/20231002189358/en/)