---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-010140"
form_type: "8-K"
ticker: "OWLT"
cik: "0001816708"
company_name: "Owlet, Inc."
filed_at: "2023-03-31T23:59:59+00:00"
generated_at: "2026-06-17T08:15:26.140498+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-23-010140
- form_type: 8-K
- ticker: OWLT
- cik: 0001816708
- company_name: Owlet, Inc.
- filed_at: 2023-03-31T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1816708/000162828023010140/0001628280-23-010140-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1816708/000162828023010140/owlt-20230327.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-010140
- JSON: https://secwatch.observer/filing/0001628280-23-010140.json
- Plain text: https://secwatch.observer/filing/0001628280-23-010140.txt

## Key facts
- Executive change
  Kathryn R. Scolnick was appointed as Principal Accounting Officer at Owlet, Inc..
  - Action: appointed
  - Role: Principal Accounting Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1816708/000162828023010140/0001628280-23-010140-index.htm
- Executive change
  Nathaniel Yoo resigned as Chief Accounting Officer at Owlet, Inc..
  - Action: resigned
  - Role: Chief Accounting Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1816708/000162828023010140/0001628280-23-010140-index.htm
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1816708/000162828023010140/0001628280-23-010140-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.