Defendant Name: Spruce Power Holding Corporation

Defendant Type: Public Company

Document Reference: 2023-208

Document Details

Legal Case Name In the Matter of Spruce Power Holding Corporation
Document Name SEC Charges Electric Vehicle Co. for Misleading Revenue Projections Ahead of SPAC Merger
Document Date 28-Sep-2023
Document Format Administrative Proceeding
File Number 3-21748
Allegation Type Issuer Reporting and Disclosure
Document Summary 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)."

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:    

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."