{
  "docId": "019dd923-622c-750b-8b98-fa7fcd640a8d",
  "docSlug": "522270211ac4",
  "documentTitle": "Sunnova Energy International Inc. (NOVA)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-09-29 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 71,
  "pageCount": 91,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses press release excerpts and a custom table to track ECP's share reduction.",
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  "slideHref": "/slides/019dd923-622c-750b-8b98-fa7fcd640a8d/71",
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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": "image",
      "text": "Press release excerpt July 01, 2020",
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      "kind": "image",
      "text": "Press release excerpt August 13, 2020",
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      "kind": "metric",
      "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 reduction from March to August 2020.",
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      "kind": "title",
      "text": "Major Shareholders Exiting Sunnova",
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      "evidence": "Highlighting insider selling and increasing discounts as evidence of negative sentiment/skepticism.",
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      "name": "Cost Of Inaction",
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      "evidence": "The document highlights the risks of not selling Sunnova stock, including the potential for significant losses.",
      "position": 1,
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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