XL Fleet to Rename as Spruce Power and Change NYSE Ticker Symbol to SPRU
November 04 2022 - 08:30AM
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a provider of subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage, today announced that it will change its corporate name to Spruce Power Holding Corporation, effective November 14, 2022. The Company will be known as Spruce Power. Additionally, the Company will change its NYSE ticker symbol from “XL” to “SPRU” at the open of market trading on Monday, November 14, 2022.
“We are excited to execute on the next stage of our new corporate strategy with the official change of our company name,” said Eric Tech, current Chief Executive Officer of XL Fleet. “Renaming our company to Spruce Power reflects our new focus on the residential solar and energy services market. Most importantly, it positions us to build upon the strong brand recognition that Spruce has earned in the residential solar market since 2018.”
“Transitioning the Spruce Power name to our new public platform is an exciting achievement for our company,” added Christian Fong, President of Spruce Power. “Our new platform affords us the resources needed to elevate our company’s mission to a next level, and this change is only the beginning.” It is expected that Mr. Fong will be named CEO of the combined companies in the first quarter of 2023.
The Company’s common stock will continue to be listed on the NYSE. There is no action required by the Company’s current shareholders with respect to the company name or ticker symbol change. The Company’s CUSIP will change in connection with the name change.
About Spruce Power (formerly known as XL Fleet)
XL Fleet, who today announced the name change to Spruce Power, provides subscription-based services that make it easy for homeowners and small businesses 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 has more than 52,000 subscribers across the United States. For additional information, please visit www.sprucepower.com.
