Defendant Name:
Spruce Power Holding Corporation
Defendant Type:
Public Company
SIC Code:
3714
CUSIP:
9837FR10
Document Reference:
33-11247
Document Details
Legal Case Name
In the Matter of Spruce Power Holding Corporation
Document Name
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
Document Date
28-Sep-2023
Document Format
Administrative Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$11,000,000.00
Shared:
