Spruce Power Receives Notice Regarding NYSE Continued Listing Standard

Spruce Power Holding Corp a leading owner and operator of distributed solar energy assets across the United States, announced that on March 28, 2023, it received a notice from the New York Stock Exchange (“NYSE”), notifying the Company that it is out of compliance with the NYSE’s price criteria for continued listing standards because, as of March 27, 2023, the average closing price of the Company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period.

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The Company will notify the NYSE of its intent to cure its stock price deficiency within the applicable time period required by the NYSE, and to return to compliance with the NYSE continued listing standard. The Company can regain compliance at any time within the six-month period following receipt of the NYSE notice if on the last trading day of any calendar month during the cure period the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. The Company intends to consider all available alternatives to cure the stock price non-compliance.

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The NYSE notification does not affect the Company’s business operations, its Securities and Exchange Commission reporting requirements, credit agreements or other contractual obligations. The Company’s common stock will continue to be listed and traded on the NYSE, subject to its compliance with other NYSE continued listing standards. The Company is currently in compliance with other applicable NYSE continued listing standards.

Spruce Power Holding Corporation is a leading owner and operator of distributed solar energy assets across the United States. We provide subscription-based services that make it easy for homeowners to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company owns over 70,000 rooftop solar assets and contracts across the United States.

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