secwatch.observer — SEC 8-K summary
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Issuer:     Owlet, Inc. (OWLT)
CIK:        0001816708
Form:       8-K
Filed at:   2023-03-31T23:59:59+00:00
Accession:  0001628280-23-010140
Event type: debt
Sentiment:  negative
Materiality: 0.75
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1816708/000162828023010140/0001628280-23-010140-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1816708/000162828023010140/owlt-20230327.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-010140

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