Stock market today: S&P 500 drops for fifth day as focus shifts to Powell’s speech
Eric Tech, a director at Spruce Power Holding Corp (NASDAQ:SPRU), a micro-cap company currently valued at $45.39 million, recently reported a sale of company stock. On March 15, 2023, Tech sold 8,560 shares of Spruce Power’s common stock at a price of $0.8125 per share, totaling approximately $6,955. This transaction was part of a sell-to-cover arrangement to satisfy tax obligations related to the vesting of Restricted Stock Units (RSUs). According to InvestingPro analysis, the stock has faced significant headwinds, declining nearly 38% over the past year.
In addition to the sale, Tech also reported other transactions in the same filing. On May 29, 2024, he disposed of 8,772 shares at $0.4388 each, primarily to cover tax obligations, amounting to $3,849. Furthermore, on August 12, 2024, Tech acquired 48,232 shares through RSUs at no cost, with these units set to vest fully by August 12, 2025, contingent upon his continued service. The company maintains a Fair financial health score according to InvestingPro, which offers 13 additional key insights about SPRU’s financial position.
Following these transactions, Tech holds 144,018 shares directly, with additional holdings indirectly through family trusts. The stock currently trades at 0.3 times book value, suggesting potential undervaluation despite operational challenges.
In other recent news, Spruce Power Holding Corp has announced a change in its independent registered public accounting firm. The company has dismissed Deloitte & Touche LLP following the completion of the audit for the fiscal year ended December 31, 2024, and has appointed CohnReznick LLP as the new auditor. This decision was approved by the company’s Audit Committee and Board of Directors, although it is still pending standard client acceptance procedures. Despite the change, there were no disagreements or reportable events between Spruce Power and Deloitte. The 8-K filing revealed material weaknesses in Spruce Power’s internal control over financial reporting, including issues with maintaining an effective control environment and revenue recognition under ASC 606. Deloitte’s audit report for the year ended December 31, 2023, did not contain any adverse opinion or modifications. Both Deloitte and CohnReznick have agreed with the statements made regarding the change in auditors, as confirmed by letters provided to the SEC. This development is part of Spruce Power’s ongoing efforts to manage its financial operations effectively within the energy sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.