# EDGAR Filing Document

**Accession Number:** 0001452857
**File Stem:** 0000921895-25-003028
**Filing Date:** 2025-11
**Character Count:** 36626
**Document Hash:** d7a2bddd1e3ca723628d53a78bb86275
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-003028.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0000921895-25-003028

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPRUCE POWER HOLDING CORP
- **CENTRAL INDEX KEY:** 0001772720
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 834109918
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91069
- **FILM NUMBER:** 251480001

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 S COLORADO BLVD
- **STREET 2:** SUITE 2-825
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80222
- **BUSINESS PHONE:** 866-777-8235

**MAIL ADDRESS:**
- **STREET 1:** 2000 S COLORADO BLVD
- **STREET 2:** SUITE 2-825
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80222

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** XL Fleet Corp.
- **DATE OF NAME CHANGE:** 20201223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Pivotal Investment Corp II
- **DATE OF NAME CHANGE:** 20190403
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STEEL PARTNERS HOLDINGS L.P.
- **CENTRAL INDEX KEY:** 0001452857
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS PRIMARY METAL PRODUCTS [3390]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE, 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-520-2300

**MAIL ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE, 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WEBFINANCIAL L.P.
- **DATE OF NAME CHANGE:** 20081229

## Ex-1

Exhibit 1

**<u>Executive Officers and Directors of Steel Partners Holdings GP Inc.</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Name and Position</u> | &nbsp;&nbsp;<u>Present Principal Occupation</u> | &nbsp;&nbsp;<u>Business Address</u> |
| &nbsp;&nbsp;Warren G. Lichtenstein, Executive Chairman and Director | &nbsp;&nbsp;Executive Chairman of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Jack L. Howard, President and Director | &nbsp;&nbsp;President of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Ryan O'Herrin, Senior Vice President and Chief Financial Officer | &nbsp;&nbsp;Senior Vice President and Chief Financial Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Lon Rosen, Director | &nbsp;&nbsp;Executive Vice President and Chief Marketing Officer for the Los Angeles Dodgers | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;John P. McNiff, Director | &nbsp;&nbsp;Chairman of Discovery Capital Management, LLC, a multi-strategy hedge fund | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;James Benenson III, Director | &nbsp;&nbsp;Director and Co-President of Summa Holdings, Inc. ("Summa"), a holding company, and director and Co-President of Industrial Manufacturing Company and Industrial Manufacturing Company International, subsidiaries of Summa that own various diversified industrial businesses | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Eric P. Karros, Director | &nbsp;&nbsp;Television analyst for FOX Sports and works for the Los Angeles Dodgers | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Rory H. Tahari, Director | &nbsp;&nbsp;Co-founder, State of Mind Partners, a strategic branding and investment firm | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Gary W. Tankard, Vice President and Chief Accounting Officer | &nbsp;&nbsp;Vice President and Chief Accounting Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Joseph Martin, Chief Operating Officer | &nbsp;&nbsp;Chief Operating Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |

---

**<u>Executive Officers and Directors of Steel Excel Inc.</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Name and Position</u> | &nbsp;&nbsp;<u>Present Principal Occupation</u> | &nbsp;&nbsp;<u>Business Address</u> |
| &nbsp;&nbsp;Jack L. Howard, President and Director | &nbsp;&nbsp;President of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Gary W. Tankard, Vice President and Director | &nbsp;&nbsp;Vice President and Chief Accounting Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Ryan O'Herrin, Senior Vice President and Director | &nbsp;&nbsp;Senior Vice President and Chief Financial Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |

---

**<u>Executive Officers and Managers of Steel Connect LLC</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Name and Position</u> | &nbsp;&nbsp;<u>Present Principal Occupation</u> | &nbsp;&nbsp;<u>Business Address</u> |
| &nbsp;&nbsp;Jack L. Howard, Manager | &nbsp;&nbsp;President of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Ryan O'Herrin, Senior Vice President, Chief Financial Officer, Treasurer and Manager | &nbsp;&nbsp;Senior Vice President and Chief Financial Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Gary W. Tankard, Chief Accounting Officer and Manager | &nbsp;&nbsp;Vice President and Chief Accounting Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |

---

**<u>Executive Officers of Steel Connect Sub LLC</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Name and Position</u> | &nbsp;&nbsp;<u>Present Principal Occupation</u> | &nbsp;&nbsp;<u>Business Address</u> |
| &nbsp;&nbsp;Jack L. Howard, President | &nbsp;&nbsp;President of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Gary W. Tankard, Vice President | &nbsp;&nbsp;Vice President and Chief Accounting Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |
| &nbsp;&nbsp;Ryan O'Herrin, Senior Vice President | &nbsp;&nbsp;Senior Vice President and Chief Financial Officer of Steel Partners Holdings GP Inc., the General Partner of Steel Partners Holdings L.P., a global diversified holding company | &nbsp;&nbsp;c/o Steel Partners Holdings L.P.<br> 590 Madison Avenue, 32nd Floor<br> New York, NY 10022 |

---

## Ex-2

Exhibit 2

**<u>Transactions in the Shares During the Past 60 Days</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Class of Security</u> | &nbsp;&nbsp; Securities<br> <u>Purchased</u>  | &nbsp;&nbsp; <br> <u>Price ($)</u> | &nbsp;&nbsp; Date of<br> <u>Purchase</u> |

---

**<u>STEEL CONNECT SUB LLC</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;27500 | &nbsp;&nbsp;$1.66 | &nbsp;&nbsp;09/15/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;992 | &nbsp;&nbsp;$1.66 | &nbsp;&nbsp;09/16/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;104 | &nbsp;&nbsp;$1.65 | &nbsp;&nbsp;09/24/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;25434 | &nbsp;&nbsp;$1.75 | &nbsp;&nbsp;09/25/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;317471 | &nbsp;&nbsp;$1.99 | &nbsp;&nbsp;09/26/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;187363 | &nbsp;&nbsp;$2.45 | &nbsp;&nbsp;10/01/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;9985 | &nbsp;&nbsp;$2.49 | &nbsp;&nbsp;10/02/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;6048 | &nbsp;&nbsp;$2.96 | &nbsp;&nbsp;10/07/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;8319 | &nbsp;&nbsp;$2.98 | &nbsp;&nbsp;10/09/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;50000 | &nbsp;&nbsp;$2.84 | &nbsp;&nbsp;10/17/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;40084 | &nbsp;&nbsp;$2.87 | &nbsp;&nbsp;10/20/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;150584 | &nbsp;&nbsp;$2.99 | &nbsp;&nbsp;10/21/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;135000 | &nbsp;&nbsp;$2.67 | &nbsp;&nbsp;11/01/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;374068 | &nbsp;&nbsp;$2.62 | &nbsp;&nbsp;11/07/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;107000 | &nbsp;&nbsp;$2.99 | &nbsp;&nbsp;11/10/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;405998 | &nbsp;&nbsp;$3.04 | &nbsp;&nbsp;11/11/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;586151 | &nbsp;&nbsp;$4.30 | &nbsp;&nbsp;11/12/2025 |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;102948 | &nbsp;&nbsp;$5.00 | &nbsp;&nbsp;11/13/2025 |

---

## Exhibit 99.1

Exhibit 99.1

<u>JOINT FILING AGREEMENT</u>

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including amendments thereto) with respect to the Common Stock, $0.0001 par value, of Spruce Power Holding Corporation. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

---

| | |
|:---|:---|
| STEEL PARTNERS HOLDINGS L.P. | STEEL PARTNERS HOLDINGS L.P. |
| By: | /s/ Maria Reda |
|  | Maria Reda, Secretary of Steel Partners Holdings GP Inc., its General Partner |
| Date: | 11/13/2025 |

---

---

| | |
|:---|:---|
| Steel Partners Holdings GP Inc. | Steel Partners Holdings GP Inc. |
| By: | /s/ Maria Reda |
|  | Maria Reda, Secretary |
| Date: | 11/13/2025 |

---

---

| | |
|:---|:---|
| SPH Group LLC | SPH Group LLC |
| By: | /s/ Maria Reda |
|  | Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Managing Member |
| Date: | 11/13/2025 |

---

---

| | |
|:---|:---|
| SPH Group Holdings LLC | SPH Group Holdings LLC |
| By: | /s/ Maria Reda |
|  | Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Manager |
| Date: | 11/13/2025 |

---

---

| | |
|:---|:---|
| Steel Excel Inc. | Steel Excel Inc. |
| By: | /s/ Maria Reda |
|  | Maria Reda, Secretary |
| Date: | 11/13/2025 |

---

---

| | |
|:---|:---|
| Steel Connect LLC | Steel Connect LLC |
| By: | /s/ Maria Reda |
|  | Maria Reda, Secretary |
| Date: | 11/13/2025 |

---

---

| | |
|:---|:---|
| STEEL CONNECT SUB LLC | STEEL CONNECT SUB LLC |
| By: | /s/ Maria Reda |
|  | Maria Reda, Secretary |
| Date: | 11/13/2025 |

---

---

| | |
|:---|:---|
| HOWARD JACK L | HOWARD JACK L |
| By: | /s/ Jack L. Howard |
|  | Jack L. Howard |
| Date: | 11/13/2025 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**SPRUCE POWER HOLDING CORP**

*(Name of Issuer)*

**Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**9837FR209**

*(CUSIP Number)*

**Warren G. Lichtenstein**<br>Steel Partners Holdings L.P.<br>590 Madison Avenue, 32nd Floor<br>New York NY 10022<br>212-520-2300

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/06/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **9837FR209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**STEEL PARTNERS HOLDINGS L.P.** | Name of reporting person<br>**STEEL PARTNERS HOLDINGS L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2535049.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2535049.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.0%** | Percent of class represented by amount in Row (11)<br>**14.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **9837FR209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Steel Partners Holdings GP Inc.** | Name of reporting person<br>**Steel Partners Holdings GP Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2535049.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2535049.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.0%** | Percent of class represented by amount in Row (11)<br>**14.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **9837FR209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**SPH Group LLC** | Name of reporting person<br>**SPH Group LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2535049.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2535049.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.0%** | Percent of class represented by amount in Row (11)<br>**14.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **9837FR209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**SPH Group Holdings LLC** | Name of reporting person<br>**SPH Group Holdings LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2535049.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2535049.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.0%** | Percent of class represented by amount in Row (11)<br>**14.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **9837FR209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Steel Excel Inc.** | Name of reporting person<br>**Steel Excel Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2535049.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2535049.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.0%** | Percent of class represented by amount in Row (11)<br>**14.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **9837FR209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Steel Connect LLC** | Name of reporting person<br>**Steel Connect LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2535049.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2535049.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.0%** | Percent of class represented by amount in Row (11)<br>**14.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **9837FR209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**STEEL CONNECT SUB LLC** | Name of reporting person<br>**STEEL CONNECT SUB LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2535049.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2535049.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | Aggregate amount beneficially owned by each reporting person<br>**2535049.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.0%** | Percent of class represented by amount in Row (11)<br>**14.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **9837FR209** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**HOWARD JACK L** | Name of reporting person<br>**HOWARD JACK L** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**50000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**50000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**50000.00** | Aggregate amount beneficially owned by each reporting person<br>**50000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.3%** | Percent of class represented by amount in Row (11)<br>**0.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
SPRUCE POWER HOLDING CORP

**(c) Address of Issuer's Principal Executive Offices:**
2000 S COLORADO BLVD, SUITE 2-825, DENVER, CO, 80222

**Item 4. Purpose of Transaction**

The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer's financial position and strategic direction, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, other investment opportunities available to the Reporting Persons, and the outcome of any discussions referenced herein, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, engaging in communications and negotiations with management and the Issuer's Board of Directors, engaging in discussions with stockholders of the Issuer or third parties (including potential financing sources), exchanging information with the Issuer or any such persons pursuant to appropriate confidentiality or similar agreements regarding any of the foregoing, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, or changing their intention with respect to any and all matters referred to in Item 4. The Reporting Persons may also take steps to explore and prepare for various plans and actions, and propose transactions, before forming an intention to engage in such plans or actions or proceed with such transactions.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The aggregate percentage of Shares reported owned by each person named herein is based upon 18,168,863 Shares outstanding, which is the total number of Shares outstanding as of November 5, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 13, 2025.

As of the close of business on the date hereof, Steel Connect Sub owned directly 2,535,049 Shares, constituting approximately 14.0% of the Shares outstanding. By virtue of their relationships with Steel Connect Sub, each of Steel Holdings, SPHG, SPHG Holdings, Steel Holdings GP, Steel Excel and Steel Connect may be deemed to beneficially own the Shares owned directly by Steel Connect Sub. As of the close of business on the date hereof, Mr. Howard owned directly 50,000 Shares, constituting less than 1% of the Shares outstanding.

**(b)**
Each of Steel Holdings, SPHG, SPHG Holdings, Steel Holdings GP, Steel Excel and Steel Connect may be deemed to have shared power to vote and dispose of the Shares reported in this statement owned directly by Steel Connect Sub. Mr. Howard has the sole power to vote and dispose of the Shares reported in this statement that he directly owns.

**(c)**
The transactions in the Shares by Steel Connect Sub during the past sixty days are set forth in Exhibit 2 and are incorporated herein by reference. All of such transactions were effected in the open market. Mr. Howard has not transacted in the securities of the Issuer in the past sixty days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

On the date hereof, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to securities of the Issuer. A copy of this agreement is attached as Exhibit 99.1 hereto and is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** STEEL PARTNERS HOLDINGS L.P.

**Signature:** /s/ Maria Reda

**Name/Title:** Maria Reda, Secretary of Steel Partners Holdings GP Inc., its General Partner

**Date:** 11/13/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Steel Partners Holdings GP Inc.

**Signature:** /s/ Maria Reda

**Name/Title:** Maria Reda, Secretary

**Date:** 11/13/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** SPH Group LLC

**Signature:** /s/ Maria Reda

**Name/Title:** Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Managing Member

**Date:** 11/13/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** SPH Group Holdings LLC

**Signature:** /s/ Maria Reda

**Name/Title:** Maria Reda, Secretary of Steel Partners Holdings GP Inc., its Manager

**Date:** 11/13/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Steel Excel Inc.

**Signature:** /s/ Maria Reda

**Name/Title:** Maria Reda, Secretary

**Date:** 11/13/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Steel Connect LLC

**Signature:** /s/ Maria Reda

**Name/Title:** Maria Reda, Secretary

**Date:** 11/13/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** STEEL CONNECT SUB LLC

**Signature:** /s/ Maria Reda

**Name/Title:** Maria Reda, Secretary

**Date:** 11/13/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** HOWARD JACK L

**Signature:** /s/ Jack L. Howard

**Name/Title:** Jack L. Howard

**Date:** 11/13/2025