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  "docSlug": "522270211ac4",
  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
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  "notes": "Uses press release excerpts and a data table to demonstrate insider selling.",
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      "kind": "callout",
      "text": "We believe an increase in the discount of the secondary offering from 5.8% to 11% shows increasing investor skepticism as the largest shareholder continues selling shares",
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      "kind": "list",
      "text": "Press release excerpts regarding secondary offerings in July and August 2020.",
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      "text": "shares outstanding: 24%",
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      "kind": "paragraph",
      "text": "Energy Capital Partners (ECP), an energy focused private equity and credit fund, is Sunnova's largest shareholder, holding ~44% of shares outstanding in March. In July 2020, ECP sold 4.7 million shares or ~13% of its stake for $16.50 per share, a 5.8% discount to NOVA's closing price. On August 13th, 2020, Sunnova announced another secondary offering of 10 million shares at $25 per share, an 11% discount to NOVA's closing price. Spruce Point projects the August sale will reduce ECP's stake by 24%. Newlight Partners, Nova's second largest shareholder previously representing over 11% of shares outstanding, sold 2.1 million shares on August 4th, a 21% decline in its position.",
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      "kind": "table",
      "text": "Energy Capital Partners Holdings table showing share counts and percentages for March, July, and August 2020.",
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      "kind": "title",
      "text": "Major Shareholders Exiting Sunnova",
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