Spruce Power, a leading owner and operator of distributed solar energy assets across the United States, announced that the New York Stock Exchange (the “NYSE”) notified the Company that it has regained compliance with the NYSE’s continued listing standard for minimum share price.
On October 20, 2022, the NYSE notified Spruce of noncompliance with the NYSE’s continued listing standards because the average closing price of the Company’s common stock was less than $1.00 per share over a period of 30 consecutive trading days. On February 1, 2023, the NYSE confirmed that the Company’s average price for the trailing 30 consecutive trading days ended January 31, 2023, and that day’s final closing price, was above the NYSE’s minimum requirement of $1.00.
Christian Fong, who assumed the role of Chief Executive Officer effective February 1, 2023, in accordance with Spruce’s previously announced CEO transition plan, commented, “Today’s announcement represents another positive step for Spruce entering 2023 as a customer-oriented owner/operator of residential solar power systems. Looking ahead, Spruce is well-positioned and capitalized to execute on its differentiated business model focused on growth through acquisition of existing residential solar energy portfolios.”