In a recent transaction, Eric M. Tech, a director at Spruce Power Holding Corp (NASDAQ:SPRU), acquired 4,000 shares of the company's common stock. The shares were purchased on December 13, 2024, at a price of $2.80 per share, amounting to a total transaction value of $11,200. The purchase comes as the $51.7 million market cap company trades at just 0.34 times book value, according to InvestingPro data, though the company faces challenges with its significant debt burden. Following this acquisition, Tech now directly owns 118,430 shares of Spruce Power.
Additionally, Tech holds shares indirectly through family members. His spouse owns 1,000 shares, and his daughter, who may be considered part of his household, owns 3,125 shares. Tech disclaims beneficial ownership of these indirectly held shares, as noted in the filing.
In other recent news, NJR Clean Energy Ventures, a subsidiary of New Jersey Resources (NYSE:NJR), has sold its residential solar portfolio to Spruce Power Holding Corporation for $132.5 million. The transaction includes the transfer of approximately 9,800 residential solar lease agreements. Spruce Power has assumed full responsibility for the existing lease agreements, and the sale's proceeds are expected to reduce corporate debt and increase working capital.
In a separate development, Spruce Power reported a third-quarter revenue of $21.4 million and an operating EBITDA of $17.7 million. Despite a GAAP net loss of $53.5 million, largely due to a non-cash goodwill impairment charge, the company has expressed optimism about its growth trajectory. Spruce Power has adjusted its full-year 2024 operating EBITDA guidance to a midpoint of $60 million, down from a previously projected $68 million, due to unexpected operations and maintenance costs and corporate expenses.
These are recent developments in the operations of both companies. New Jersey Resources anticipates that the sale will result in a gain to be recorded in fiscal 2025, while Spruce Power continues to pursue growth through mergers and acquisitions.
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