Owlet preferred holders convert shares; market cap ~$54M, addressing NYSE compliance

Owlet, Inc.

15,721 Series A preferred shares converted into 2,291,686 Class A common shares.
Post-conversion outstanding: 11,710,310 common, 11,479 Series A, 9,250 Series B shares.
Conversion is part of effort to regain NYSE $50M market cap requirement; market cap ~$54M as of Aug 21 close.
Holders cited positive business progress and capital structure simplification as conversion reasons.

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