XL Fleet Corp.: directors' dealings · United States · SEC (Form 4)

About XL Fleet Corp.

XL Fleet Corp. was a United States-listed company that traded on the NYSE under the ticker XL and was originally built around commercial fleet electrification. For investors, it is important to frame the name historically rather than as a current operating profile: the company that used the XL Fleet identity later pivoted away from its original drivetrain and fleet-electrification model, changed its corporate name in 2022 to Spruce Power Holding Corporation, and ultimately transformed its business mix. Still, in its XL Fleet phase, the company was best known as a provider of electrification solutions for commercial vehicles in North America. The company’s roots go back to XL Hybrids, which became XL Fleet after the December 2020 business combination with Pivotal Investment Corporation II, a SPAC transaction. The company was headquartered in Boston, Massachusetts, and also maintained a technical center in Foothill Ranch, California. That footprint reflected a business built around product engineering, R&D, and commercialization in the North American commercial-vehicle ecosystem. XL Fleet’s original business lines focused on electrified powertrain systems for fleet operators, aiming to help customers lower fuel usage and emissions while extending the useful life of existing vehicle assets. In addition, the company had infrastructure-related initiatives through XL Grid, including charging-station solutions tied to fleet electrification. From a competitive standpoint, XL Fleet operated in a market with significant technological and commercial hurdles. It competed with automakers, tier-one suppliers, EV platform developers, and other fleet electrification specialists. Its value proposition was centered on pragmatic fleet conversion and retrofit-style solutions rather than a full replacement of vehicle platforms, which could be attractive for operators seeking incremental decarbonization. At the same time, the business was exposed to execution risks, supply-chain constraints, regulatory complexity, customer-concentration issues, and the challenge of converting a sales pipeline into recurring revenue. Recent developments materially changed the investment story. The company completed the acquisition of Legacy Spruce Power and then began exiting its drivetrain and XL Grid businesses. In late 2022, it announced a corporate-name change from XL Fleet Corp. to Spruce Power Holding Corporation, and the ticker moved from XL to SPRU. The SEC later highlighted disclosure issues tied to the company’s pre-merger revenue pipeline and projections, making the legacy XL Fleet story especially relevant from a governance and capital-markets perspective. For present-day analysis, XL Fleet Corp. should therefore be viewed as a historical NYSE-listed U.S. company whose original commercial-fleet electrification franchise was reshaped by strategic, operational, and regulatory developments.