- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-09-29T14:56:00
Solar energy services provider Spruce Power Holding Corp. was assessed an $11 million penalty by the Securities and Exchange Commission (SEC) as part of a settlement addressing its predecessor’s alleged misleading of investors regarding its electric vehicle sales pipeline.
Spruce Power, based in Denver, was formerly known as XL Fleet, which provided hybrid electric vehicle systems for commercial fleet vehicles. The timing of XL Fleet’s alleged misconduct coincided with its going public through a September 2020 merger with a special purpose acquisition company (SPAC), the SEC said in a press release Thursday.
Spruce Power’s penalty total took into consideration its cooperation and remedial efforts, the agency noted.
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Northern Star Investment Corp. II faced a penalty of $1.5 million to settle charges laid by the Securities and Exchange Commission that it made misleading statements in its January 2021 initial public offering.
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