Spruce Power Regains Compliance with NYSE Minimum Price Requirement
February 02 2023 - 7:30AM
Business Wire
Spruce Power (NYSE: SPRU) (“Spruce” or the “Company”), a leading
owner and operator of distributed solar energy assets across the
United States, today announced that the New York Stock Exchange
(the “NYSE”) notified the Company that it has regained compliance
with the NYSE’s continued listing standard for minimum share
price.
On October 20, 2022, the NYSE notified Spruce of noncompliance
with the NYSE’s continued listing standards because the average
closing price of the Company’s common stock was less than $1.00 per
share over a period of 30 consecutive trading days. On February 1,
2023, the NYSE confirmed that the Company’s average price for the
trailing 30 consecutive trading days ended January 31, 2023, and
that day’s final closing price, was above the NYSE’s minimum
requirement of $1.00.
Christian Fong, who assumed the role of Chief Executive Officer
effective February 1, 2023, in accordance with Spruce’s previously
announced CEO transition plan, commented, “Today’s announcement
represents another positive step for Spruce entering 2023 as a
customer-oriented owner/operator of residential solar power
systems. Looking ahead, Spruce is well-positioned and capitalized
to execute on its differentiated business model focused on growth
through acquisition of existing residential solar energy
portfolios.”
About Spruce Power
Spruce Power 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 and
small businesses 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 has more than 51,000
subscribers 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 the Spruce Power
acquisition; 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,
warranty claims, product liability claims and/or adverse publicity;
results of operations, financial condition, regulatory compliance
and customer experience; the potential loss of 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, including supply chain and labor
shortage challenges in the solar panel markets; 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.
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Investor Contact: investors@sprucepower.com Media Contact:
PR@sprucepower.com
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