Spruce Power (SPRU) Resolves SEC Inquiry of XL Fleet

Spruce Power Holding Corporation (NYSE: SPRU) (“Spruce” or the “Company”), a leading owner and operator of distributed solar energy assets across the United States, announces that it has settled a civil enforcement action filed by the United States Securities and Exchange Commission (“SEC”) related to the 2020 merger of Spruce’s predecessor company, XL Fleet Corp.

The SEC’s investigation previously was reported in the Company’s Form 10-K for the year ended December 3, 2022 and its Quarterly Reports on Form 10-Q for the quarters ending on March 31, 2023 and June 30, 2023. In the settlement, Spruce will pay an $11 million civil penalty, which amount may be made available for eligible legacy shareholders to receive funds, net of costs, subject to discretion of the SEC. This settlement will be funded from corporate cash, which was approximately $192 million at June 30, 2023.

This conclusion allows Spruce to turn the page on a legacy XL Fleet issue and focus on growing its distributed energy business. “We are pleased to resolve these items that are unrelated to Spruce’s current management team or business plan. Having these matters resolved will better allow Spruce to look forward,” said Chief Legal Officer Jonathan Norling.

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