Spruce Power Holding Corporation announced 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.