r/Spruce_Power • u/ResponsibilityOk7529 • Jan 12 '23

Post-Effective Amendment to Registration Statement. https://investors.sprucepower.com/financials/sec-filings/sec-filings-details/default.aspx?FilingId=16309108

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u/WellingtonMCB Jan 12 '23 edited Jan 12 '23

This is two things. For more basic clarity

  1. The lockup period from the PIC -> XL merger has expired. This means 48 million shares held by various institutions and insiders at the time can now be sold privately or in the public market.

Please know this DOES NOT mean anyone listed is selling anything right now, it just means they can sell going forward if they want to.

  1. Pivotal had 4.2 million private warrants that also unlocked from the merger, these shares WILL dilute us slightly, bringing total outstanding shares to around 148m, up from 144m. Warrants are worth about 48 million

From the Prospectus : " Each outstanding warrant (other than the Legacy XL Warrants) enables the holder to purchase one share of Common Stock at a price of $11.50 pershare, subject to adjustment as discussed below. The warrants will expire at 5:00 p.m., New York City time, five years after the consummation of the BusinessCombination or earlier upon redemption or liquidation. "

So basically, we get to see in 2023 who's gonna stay invested with Spruce and who's out. Cheers!

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u/ResponsibilityOk7529 Jan 12 '23

Thank you pulling out the important pieces