# EDGAR Filing Document

**Accession Number:** 0001772720
**File Stem:** 0001213900-23-025447
**Filing Date:** 2023-3
**Character Count:** 12904
**Document Hash:** af172ee926801b753d0488bd53ada3d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-025447.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001213900-23-025447

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230328

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPRUCE POWER HOLDING CORP
- **CENTRAL INDEX KEY:** 0001772720
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLE PARTS & ACCESSORIES [3714]
- **IRS NUMBER:** 834109918
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38971
- **FILM NUMBER:** 23787537

**BUSINESS ADDRESS:**
- **STREET 1:** 47000 LIBERTY DRIVE
- **CITY:** WIXOM
- **STATE:** MI
- **ZIP:** 48393
- **BUSINESS PHONE:** 6177180329

**MAIL ADDRESS:**
- **STREET 1:** 47000 LIBERTY DRIVE
- **CITY:** WIXOM
- **STATE:** MI
- **ZIP:** 48393

**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

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): March 28, 2023**

**SPRUCE POWER HOLDING CORP**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38971** | **83-4109918** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission File Number)** | **(I.R.S. Employer<br> Identification No.)** |

---

---

| | |
|:---|:---|
| **1875 Lawrence Street, Suite 320**<br> **Denver, CO** | **80202** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(866) 903-2399**

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, par value $0.0001 per share** | **SPRU** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Requirement or Standard.**

On March 28, 2023, Spruce Power Holding Corp. (the "Company") was notified by the New York Stock Exchange (the "NYSE") that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company's stock was less than $1.00 over a consecutive 30 day trading period.

The Company will notify the NYSE on or prior to April 11, 2023 that it intends to cure the stock price deficiency and to return to compliance with the NYSE continued listing standard. The Company can regain compliance at any time within the six-month period following receipt of the NYSE notice if on the last trading day of any calendar month during the cure period the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. The Company intends to consider all available alternatives if necessary to cure the stock price non-compliance.

The Company's stock will continue to be listed and traded on the NYSE during this period, subject to the Company's compliance with other NYSE continued listing standards.

**Cautionary Note Regarding Forward-Looking Statements**

Certain statements in this report may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this report, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: the Company's ability to regain compliance with the continued listing standards of the NYSE within the applicable cure period; the Company's ability to continue to comply with applicable listing standards of the NYSE; and the other risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K filed on March 30, 2023, previous Quarterly Reports on Form 10-Q and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Document** |
| 99.1 | [Press Release dated March 31, 2023](ea176119ex99-1_spruce.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **SPRUCE POWER HOLDING CORPORATION** | **SPRUCE POWER HOLDING CORPORATION** |
| Date: March 31, 2023 | By: | /s/ Stacey Constas |
|  | Name: | Stacey Constas |
|  | Title: | General Counsel |

---

## Exhibit 99.1

**Exhibit 99.1**

**Spruce Power Holding Corp. Receives Notice Regarding NYSE Continued Listing Standard**

DENVER, COLORADO (March 31, 2023) – Spruce Power Holding Corp. (NYSE: SPRU) ("Spruce Power" or the "Company"), a leading owner and operator of distributed solar energy assets across the United States, today announced that on March 28, 2023, it received a notice from the New York Stock Exchange ("NYSE"), notifying the Company that it is out of compliance with the NYSE's price criteria for continued listing standards because, as of March 24, 2023, the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period.

The Company will notify the NYSE of its intent to cure its stock price deficiency within the applicable time period required by the NYSE, and to return to compliance with the NYSE continued listing standard. The Company can regain compliance at any time within the six-month period following receipt of the NYSE notice if on the last trading day of any calendar month during the cure period the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. The Company intends to consider all available alternatives to cure the stock price non-compliance.

The NYSE notification does not affect the Company's business operations, its Securities and Exchange Commission reporting requirements, credit agreements or other contractual obligations. The Company's common stock will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards. The Company is currently in compliance with other applicable NYSE continued listing standards.

This press release is issued as required under the NYSE rules. The notice from the NYSE was issued pursuant to Section 802.01C of the NYSE's Listed Company Manual.

**About Spruce Power**

Spruce Power Holding Corporation (NYSE: SPRU) is a leading owner and operator of distributed solar energy assets across the United States. We provide subscription-based services that make it easy for homeowners to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company owns over 70,000 rooftop solar assets and contracts across the United States. For additional information, please visit www.sprucepower.com.

**Forward Looking Statements** 

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward looking statements, including but not limited to: expectations regarding the growth of the solar industry, home electrification, electric vehicles and distributed energy resources; the ability to successfully integrate XL Fleet and Spruce Power; the ability to identify and complete future acquisitions; the ability to develop and market new products and services; the effects of pending and future legislation; the highly competitive nature of the Company's business and markets; the ability to execute on and consummate business plans in anticipated time frames; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company's products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company's business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; risks related to the rollout of the Company's business and the timing of expected business milestones; the effects of competition on the Company's future business; the availability of capital; and the other risks discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K filed on March 31, 2022, subsequent Quarterly Reports on Form 10-Q and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

**For More Information**

Investor Contact: investors@sprucepower.com

*Head of Investor Relations: Bronson Fleig*

Media Contact: PR@sprucepower.com