Steel Partners Expands Stake in Spruce Power

Three transactions in late November lifted the firm’s indirect holdings to nearly 3 million shares.

December 01, 2025

Expanded Position Through Late November Trades

Steel Partners Holdings L.P. has deepened its exposure to Spruce Power Holding Corp., picking up over 100,000 shares across three consecutive trading days in late November. The move, disclosed in a recent SEC filing, brought its indirect ownership of Spruce Power to just under 3 million shares.

The purchases took place on November 25, 26, and 28, with Steel Connect Sub LLC—the entity executing the trades—acquiring shares at prices ranging from $4.56 to $4.97. In total, the firm added 100,822 shares, representing an investment of approximately $480,000. These shares are held indirectly through a chain of affiliated entities under the Steel Partners structure.

Understanding the Ownership Chain

Here’s how that structure works:

• Steel Holdings owns a majority of SPH Group LLC.


• SPH Group LLC is the sole member of SPH Group Holdings LLC.


• SPH Group Holdings manages Steel Excel Inc..


• Steel Excel is the majority owner of Steel Connect LLC.


• Steel Connect Sub LLC, a wholly owned subsidiary of Steel Connect, executed the trades.

Through this setup, each of the entities involved may be considered a beneficial owner of the shares acquired by Steel Connect Sub LLC.

Regulatory Classification and Transaction Details

The filing confirms that the reporting entities are part of a group that collectively owns more than 10% of Spruce Power’s common stock. However, each company disclaims any beneficial ownership beyond its direct or economic interest.

There were no derivative securities reported, and the filing indicates the purchases were not made under a Rule 10b5-1 trading plan. Instead, the transactions appear to be targeted equity acquisitions made in the open market.

Post-Transaction Holdings and Certification

By the close of trading on November 28, Steel Connect Sub’s total stake had risen to 2,966,434 shares. No changes to the board or governance structure were noted in relation to these acquisitions.

The disclosure was finalized and signed on November 28 by all six entities—Steel Partners Holdings L.P., Steel Partners Holdings GP Inc., SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., and Steel Connect LLC—through their authorized representative.