Following this acquisition, Miller's total holdings amount to 80,593 shares, adjusted for a 1-to-8 reverse stock split that took effect on October 6, 2023. This transaction highlights Miller's continued investment in Spruce Power, a company engaged in the electric services sector. InvestingPro analysis reveals 15+ additional insights about SPRU's financial health and valuation metrics, available in the comprehensive Pro Research Report, helping investors make more informed decisions about insider trading patterns and company fundamentals. InvestingPro analysis reveals 15+ additional insights about SPRU's financial health and valuation metrics, available in the comprehensive Pro Research Report, helping investors make more informed decisions about insider trading patterns and company fundamentals.
Following this acquisition, Miller's total holdings amount to 80,593 shares, adjusted for a 1-to-8 reverse stock split that took effect on October 6, 2023. This transaction highlights Miller's continued investment in Spruce Power, a company engaged in the electric services sector.
In other recent news, NJR Clean Energy Ventures, a subsidiary of New Jersey Resources (NYSE:NJR), has finalized the sale of its residential solar portfolio to Spruce Power Holding Corporation. The transaction, involving a 91 MW collection of solar assets, was valued at $132.5 million. This strategic move will see approximately 9,800 residential solar lease agreements transferred to Spruce Power.
In the wake of this sale, NJR expects a fiscal gain to be recorded in 2025, with proceeds from the sale being directed towards reducing corporate debt and supplementing general working capital. Post-sale, the company plans to focus on expanding its commercial solar portfolio, offering a pipeline of nearly 1 GW of diverse investment opportunities.
Spruce Power, on the other hand, reported a third-quarter revenue of $21.4 million and an operating EBITDA of $17.7 million. Despite a GAAP net loss of $53.5 million, largely due to a non-cash goodwill impairment charge, the company remains positive about its growth trajectory. It has also announced plans to acquire approximately 10,000 home solar systems, with the deal expected to close in the final quarter of 2024.
These recent developments indicate both companies' commitment to strengthening and streamlining their clean energy portfolios while maintaining their focus on providing low-carbon solutions.
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