Key Summary: On April 17, 2024, Clayton Capital Appreciation Fund urged shareholders to vote for the election of two nominees to the Board and “WITHHOLD” on the Company’s nominees. On June 21, 2024, Clayton Capital withdrew its board nominees for Spruce Power Holding Corporation and entered a Cooperation Agreement with the Company.Market Cap: $60 million | Spruce Power Holding Corporation owns and operates distributed solar energy assets in the United States.
On April 17, 2024, Clayton Capital Appreciation Fund filed proxy materials urging shareholders to vote for the election of two nominees to the Board and “WITHHOLD” on the Company’s nominees. Source
On April 17, 2024, Clayton Capital Appreciation Fund issued a letter to the board expressing its concerns about the company's undervaluation and the lack of direction following the CEO's departure. They emphasized the need for a clear growth strategy and criticized the Board's failure to repurchase stock despite significant undervaluation. Clayton Partners nominated Jason Stankowski and Clara Nagy McBane for the Board and offered to engage with stakeholders to maximize value.
On May 31, 2024, Clayton Capital Appreciation Fund filed proxy materials seeking support for its nominees.
On June 21, 2024, Clayton Capital withdrew its board nominees for Spruce Power Holding Corporation and entered a Cooperation Agreement with the Company. The agreement expanded the Board from six to seven members and appointed Clara Nagy McBane, Clayton's nominees, as a Class B director.
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