Owlet amends SVB loan, defers principal payments, waives defaults, reduces liquidity covenant to $15M

Owlet, Inc.

Deferred principal payments from March 1, 2023 through August 1, 2023; repayments resume September 1, 2023 at $500k/month plus interest.
Waived stated events of default for failing minimum liquidity and net revenue covenants; liquidity threshold reduced from $25M to $15M.
Replaced minimum net revenue covenants with adjusted EBITDA covenants; expanded eligible inventory and accounts borrowing base.
Chief Accounting Officer Nathaniel Yoo resigned effective March 31, 2023; CFO Kathryn Scolnick appointed as principal accounting officer.
Paid $50k waiver fee; deferred additional fee; term loan maturity extended to October 1, 2024.

item 1.01 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Kathryn R. Scolnick

Principal Accounting Officer

OWLT · Owlet, Inc.

Effective: 2023-03-31
Filed: March 31, 2023, 7:59 PM ET

On March 30, 2023, the Company’s Board of Directors appointed Kathryn R. Scolnick, the Company Chief Financial Officer and principal financial officer, to also serve as the Company’s principal accounting officer, effective with Mr. Yoo’s departure.

Departed

Nathaniel Yoo

Chief Accounting Officer

OWLT · Owlet, Inc.

Effective: 2023-03-31
Successor: Kathryn R. Scolnick
Filed: March 31, 2023, 7:59 PM ET

On March 29, 2023, Mr. Nathaniel Yoo, Senior Vice President and Chief Accounting Officer and principal accounting officer of the Company, tendered his resignation from the Company, effective March 31, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Kathryn R. Scolnick was appointed as Principal Accounting Officer at Owlet, Inc..

Action: appointed
Role: Principal Accounting Officer

Exact text from the filing

On March 30, 2023, the Company’s Board of Directors appointed Kathryn R. Scolnick, the Company Chief Financial Officer and principal financial officer, to also serve as the Company’s principal accounting officer, effective with Mr. Yoo’s departure.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Nathaniel Yoo resigned as Chief Accounting Officer at Owlet, Inc..

Action: resigned
Role: Chief Accounting Officer

Exact text from the filing

On March 29, 2023, Mr. Nathaniel Yoo, Senior Vice President and Chief Accounting Officer and principal accounting officer of the Company, tendered his resignation from the Company, effective March 31, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Owlet, Inc. amended SVB Amendment with Silicon Valley Bank, now a division of First Citizens Bank and Trust Company (effective 2023-03-27).

Action: amendment
Agreement: credit facility
Counterparty: Silicon Valley Bank, now a division of First Citizens Bank and Trust Company
Effective: 2023-03-27

Exact text from the filing

On March 27, 2023, Owlet, Inc., a Delaware corporation (the “Company”), and Owlet Baby Care, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company (“OBCI” and, together with the Company, “Borrower”), entered into a First Amendment (the “SVB Amendment”) to the Third Amended and Restated Loan and Security Agreement (the “Loan Agreement”) with Silicon Valley Bank, now a division of First Citizens Bank and Trust Company

View on SEC.gov

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Owlet, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-010140

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