By Ben Glickman
Spruce Power Holding Corp. will pay $11 million to settle charges by the Securities and Exchange Commission that it misled investors prior to going public.
The SEC said Thursday it had charged Spruce Power, previously known as XL Fleet Corp., for claiming to have a long-term revenue projection of up to $1.4 billion, as well as a $220 million 12-month sales pipeline.
The SEC alleged the projections, which were included in public filings ahead of its 2020 merger with a special-purpose acquisition company to go public, were based mostly on speculative opportunities.
Spruce Power doesn’t admit or deny the findings, but consented to a cease-and-desist order and the civil penalty.
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