The Firm anticipates receiving $11.6 million in proceeds from the underwritten public providing and as much as $35 million in proceeds from the debt refinancing.
LEHI, Utah–(BUSINESS WIRE)–Owlet, Inc. (Owlet or the Firm) (NYSE:OWLT), the pioneer of good toddler monitoring, in the present day introduced the pricing of an underwritten public providing of three,135,136 shares of the Firm’s Class A standard inventory (the Providing). The shares of Class A standard inventory are being bought at a public providing value of $3.70 per share, earlier than underwriting reductions and commissions. All the shares within the Providing are to be bought by the Firm. The gross proceeds to Owlet from the Providing are anticipated to be roughly $11.6 million, earlier than deducting underwriting reductions and commissions and different providing bills. The Providing is predicted to shut on or about September 13, 2024, topic to the satisfaction of customary closing situations.
Owlet intends to make use of the web proceeds from the Providing for normal company functions, capital expenditures, working capital and normal and administrative bills.
Owlet additionally introduced in the present day its entrance right into a time period mortgage settlement with Western Know-how Funding (the Time period Mortgage Settlement) and a revolving line of credit score with Mountain Ridge Capital (the Credit score Settlement, and along with the Time period Mortgage Settlement, the Debt Refinancing). The Time period Mortgage Settlement supplies for a time period mortgage facility of as much as $15 million. The Time period Mortgage Settlement consists of a primary tranche of $10 million, with $7.5 million anticipated to fund shortly after closing and $2.5 million out there to fund till December 31, 2024. The second tranche of $5 million is accessible after June 30, 2025, topic to sure situations beneath the Time period Mortgage Settlement. The Credit score Settlement supplies for a three-year revolving credit score facility of as much as $15 million, growing to as much as $20 million on the primary anniversary of the Credit score Settlement’s efficient date. Because of the Debt Refinancing, the Firm expects additional entry to capital and elevated operational flexibility.
Titan Companions Group, a division of American Capital Companions, is appearing as the only bookrunner for the Providing and served as monetary advisor to the Firm on its Debt Refinancing.
The securities described above are being provided by Owlet pursuant to an efficient shelf registration assertion on Kind S-3 that was beforehand filed with the U.S. Securities and Trade Fee, or the SEC. The providing is being made solely by the use of a written prospectus and prospectus complement that kind part of the registration assertion, copies of which can be obtained, when out there, by request from: Titan Companions Group LLC, a division of American Capital Companions, LLC, 4 World Commerce Middle, twenty ninth Ground, New York, NY 10007, by telephone at (929) 833-1246 or by e mail at prospectus@titanpartnersgrp.com.
This press launch shall not represent a suggestion to promote or a solicitation of a suggestion to purchase these securities, nor shall there be any sale of those securities in any state or different jurisdiction wherein such provide, solicitation or sale can be illegal previous to the registration or qualification beneath the securities legal guidelines of any such state or different jurisdiction.
About Owlet, Inc.
Owlet’s digital well being toddler monitoring platform is remodeling the journey of parenting. Owlet, a small-cap healthcare progress fairness, affords FDA-authorized medical and shopper pediatric wearables and an built-in HD visible and audio digital camera that present real-time knowledge and insights to folks who safeguard well being, optimize wellness, and guarantee peaceable sleep, for his or her kids. Since 2012, over 2 million mother and father worldwide have used Owlet’s platform contributing to one of many largest collections of shopper toddler well being and sleep knowledge. The Firm continues to develop software program and digital knowledge options to bridge the present healthcare hole between hospital and residential and convey new insights to folks and caregivers globally. Owlet believes that each youngster deserves to reside an extended, pleased, and wholesome life.
Authorized Discover Relating to Ahead-Wanting Statements
This press launch accommodates forward-looking statements. All statements aside from statements of historic information contained herein, together with with out limitation statements concerning the completion of the general public providing and the provision and quantity of proceeds beneath the Debt Refinancing are forward-looking statements reflecting the present beliefs and expectations of Owlet’s administration made pursuant to the secure harbor provisions of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements symbolize Owlet’s present expectations concerning future occasions and are topic to identified and unknown dangers and uncertainties that would trigger precise outcomes to vary materially from these implied by the forward-looking statements. Amongst these dangers and uncertainties are market situations, together with market rates of interest, the buying and selling value and volatility of Owlet’s Class A standard inventory, the satisfaction of closing situations associated to the proposed public providing, and dangers regarding Owlet’s enterprise, together with these dangers described in periodic reviews that Owlet recordsdata infrequently with the SEC, in addition to the preliminary prospectus complement and accompanying prospectus regarding the proposed public providing. The forward-looking statements included on this press launch converse solely as of the date of this press launch, and Owlet doesn’t undertake to replace the statements included on this press launch for subsequent developments, besides as could also be required by legislation.
View supply model on businesswire.com: https://www.businesswire.com/information/dwelling/20240911406551/en/
Investor Relations:
Jay Gentzkow
jgentzkow@owletcare.com
Media:
pr@owletcare.com
Supply: Owlet, Inc.
