Spruce Power misses listing criteria on New York Stock Exchange due to low share price

Facebook
Twitter
LinkedIn
Reddit
Email
Spruce Power’s stock price fell below the required level despite the US rooftop solar industry booming. Image: SunRun

US distributed solar supplier Spruce Power has been issued a notice by the New York Stock Exchange (NYSE) informing the company that its stock price has fallen below the necessary benchmark for listing.

As of March 27th, Spruce Power’s common stock price was less than US$1 per share for the 30th consecutive trading day. This meant that it was out of compliance with the NYSE’s price criteria for continued listing.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Spruce is able to regain its compliance at any point within the six months following the issuance of the notice – which came on 28th March – if it ends the last trading day of a month with a share price of at least US$1 and a month average of at least US$1 preceding that. The company said that it intends ‘consider all available alternatives’ to cure the non-compliance.

It added that its business operations, credit agreements, reporting requirements and other obligations are unaffected by the NYSE notice.

2022 saw Spruce Power post improved year-on-year financial results, losing around US$4 million in adjusted EBITDA compared with over US$20 million in 2021. In September the company was acquired by electric vehicle solutions provider XL Fleet; the latter plans to adopt a version of Spruce’s subscriber-based model of energy provision to expand its reach into rooftop solar, storage and electric vehicles, as well as change its name.

Formerly known as Spruce Finance, Spruce Power’s business model is based on acquiring distributed solar portfolios from other companies, like Greenbacker Renewable Energy, rather than selling systems direct to consumers, which allows it to keep customer acquisition costs down.

The US residential solar and storage market is set to grow considerably in the coming years according to research from solar software system provider Aurora Solar.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

June 30, 2025
Voting on the US tax reconciliation bill is expected to begin in the Senate today, following a draft published on Friday that hit clean energy tax credits hard.
June 30, 2025
US clean energy developer Clearway Energy Group has received corporate credit facilities over US$1 billion.
June 30, 2025
Australian module manufacturer Tindo Solar has secured a 30MW solar module supply agreement to power Australia's first "net zero pipeline”.
June 27, 2025
Renewables investment platform Nexwell Power has signed a round of power purchase agreements (PPAs) with “one of the largest” US tech companies for solar PV capacity to be built in Spain.
Premium
June 27, 2025
PV Talk: '2024 was a transformational year in terms of energy policy,' says Monika Paplaczyk ahead of this year's Clean Power 2030 Summits.
June 26, 2025
A round-up of news from the US solar sector this week, including Akuo, Meta and RWE.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Media Partners, Solar Media Events
July 2, 2025
Bangkok, Thailand
Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico