Spruce Power agrees to pay $4.75M to settle class action from SPAC merger

SPRUCE POWER HOLDING CORP

Company to pay $4.75M to settlement fund to resolve consolidated class action in Delaware Chancery Court.
Settlement covers claims of breach of fiduciary duty in connection with the December 2020 XL Fleet/Pivotal II merger.
Settlement fund will cover notice, administration, class counsel fees, and class member compensation; no reverter.
Company and defendants deny any wrongdoing or liability; settlement is not an admission of fault.
If settlement is not finalized or approved, company will vigorously defend and believes meritorious defenses exist.

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