Defendant Name: Spruce Power Holding Corporation

Defendant Type: Public Company
SIC Code: 3714
CUSIP: 9837FR10

Initial Case Details

Legal Case Name In the Matter of Spruce Power Holding Corporation
First Document Date 28-Sep-2023
Initial Filing Format Administrative Action
File Number 3-21748
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Exchange Act
• Rule 12b-20
• Sec 13(a)
• Rule 13a-11
• Sec 14(a)
• Rule 14a-9
Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 28-Sep-2023
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

33-11247 28-Sep-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On September 28, 2023, the SEC instituted settled cease-and-desist proceedings against Spruce Power Holding Corporation, stating: "This matter concerns materially misleading statements made by Respondent’s predecessor companies – Pivotal Investment Corporation II (“Pivotal”), formerly a publicly traded special purpose acquisition company (“SPAC”), and XL Fleet Corp. (“XL Fleet”), which provided hybrid electrical vehicle (“HEV”) or plug-in hybrid electric vehicle (“PHEV”) systems for commercial fleet vehicles – about XL Fleet’s sales pipeline in marketing and promoting the business combination between Pivotal and XL Fleet."
2023-208 28-Sep-2023 Press Release--Administrative Proceeding
SEC Charges Electric Vehicle Co. for Misleading Revenue Projections Ahead of SPAC Merger
On September 28, 2023, the SEC stated that: "[It] charged Denver-based Spruce Power Holding Corporation, the successor to XL Fleet Corp., for misleading investors about revenue projections that topped $1 billion within three years of going public. XL Fleet, which provided hybrid electric vehicle systems for commercial fleet vehicles, went public through a 2020 merger with a special purpose acquisition company (SPAC)."