XL Fleet completes acquisition of Spruce solar companies for ~$58M cash plus ~$542M debt

SPRUCE POWER HOLDING CORP

Acquired 100% membership interests in three Spruce entities; largest private residential solar owner/operator with >52,000 subscribers.
Total consideration: ~$58M cash plus assumption of ~$542M in existing debt (aggregate borrowings ~$530.6M as of June 30, 2022).
Christian Fong appointed President and to Board; expected to become CEO by Feb 15, 2023; Eric Tech remains CEO until then.
Fong receives $650k base salary, target 100% bonus, and signing grant of 909,091 fully vested shares.
Assumed debt includes SVB term/LC facilities, KeyBank credit agreement, and mezzanine financing with $165.9M outstanding.

item 1.01 item 2.03 item 5.02 item 2.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Christian Fong

Chief Executive Officer

SPRU · SPRUCE POWER HOLDING CORP

Effective: 2023-02-15
Filed: September 15, 2022, 7:59 PM ET

expected to become the Registrant’s Chief Executive Officer on or prior to February 15, 2023

Appointed

Christian Fong

President

SPRU · SPRUCE POWER HOLDING CORP

Effective: 2022-09-09
Filed: September 15, 2022, 7:59 PM ET

Christian Fong was appointed as the Registrant’s President

Appointed

Christian Fong

Director

SPRU · SPRUCE POWER HOLDING CORP

Effective: 2022-09-09
Filed: September 15, 2022, 7:59 PM ET

the Board appointed Mr. Fong to the Board as a Class C director

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.9

Christian Fong changed role as Chief Executive Officer at SPRUCE POWER HOLDING CORP.

Action: expected to become
Role: Chief Executive Officer

Exact text from the filing

expected to become the Registrant’s Chief Executive Officer on or prior to February 15, 2023

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Christian Fong was appointed as President at SPRUCE POWER HOLDING CORP.

Action: appointed
Role: President

Exact text from the filing

Christian Fong was appointed as the Registrant’s President

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Christian Fong was appointed as Director at SPRUCE POWER HOLDING CORP.

Action: appointed
Role: Director

Exact text from the filing

the Board appointed Mr. Fong to the Board as a Class C director

View on SEC.gov

SPRUCE POWER HOLDING CORP filing history →

Source: SEC EDGAR

accession 0001213900-22-056293

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