Steel Connect Sub LLC, an operating subsidiary of Steel Connect LLC, executed two share purchases in Spruce Power Holding Corp (NASDAQ: SPRU) in consecutive trading sessions this month, increasing its direct equity stake in the company.
On March 19, 2026, Steel Connect Sub LLC purchased 13,739 shares at an average price of $3.7389 per share. The following day, March 20, 2026, the entity acquired an additional 46,682 shares at $4.3187 per share. The aggregate cost of these two transactions is $252,974.
After accounting for these purchases, Steel Connect Sub LLC directly holds 3,320,127 shares of Spruce Power Holding Corp. The transaction filings list multiple reporting owners associated with the position, including Steel Partners Holdings L.P., Steel Partners Holdings GP Inc., SPH Group LLC, SPH Group Holdings LLC, Steel Excel Inc., and Steel Connect LLC.
The timing of the purchases coincides with a period of recent stock strength for Spruce Power. The share price returned 8.3% over the past week, and the company trades at a Price/Book ratio of 0.64. According to InvestingPro, Spruce Power appears slightly undervalued based on its Fair Value analysis; the platform also provides 16 additional ProTips and expanded Pro Research Reports for SPRU and over 1,400 other U.S. equities.
Separately, Spruce Power has announced an operational expansion, moving its in-house field services operations into Southern California. The company cited the roll-out as a follow-on to an earlier implementation in New Jersey that produced a 25% reduction in operations and maintenance costs. Spruce Power attributed those savings to several operational changes: improved scheduling efficiency, the elimination of third-party vendor markups, tighter inventory control, and direct management of its workforce.
Company officials framed the Southern California expansion as part of an ongoing effort to reduce costs and boost operational efficiency by leveraging in-house resources across its portfolio. The announcement did not include specific financial figures or revenue projections connected to the regional expansion.
Taken together, the insider purchases and the regional expansion underline two simultaneous developments for the company: increased ownership by a Steel Connect subsidiary and a strategic shift toward internalizing field operations. The public filings provide exact transaction details and resulting ownership, while the company disclosure on operations highlights claimed cost savings but stops short of quantifying projected financial impacts for the new initiative.
Contextual note: The information above is drawn from transaction filings and company statements. The company did not disclose precise financial projections for the Southern California expansion.