Owlet swaps warrants for 5.4M new common shares; requires stockholder approval

Owlet, Inc.

Exchanges Series A warrants (7,215,737 shares) and Series B warrants (1,799,021 shares) for 5,426,429 new common shares.
Holders include Eclipse (29% voting power), Trilogy (6.7%), CEO Kurt Workman, and director John Kim.
Exchanged shares subject to 180-day lock-up; company to file resale registration within 30 days after close.
Exchange requires stockholder approval at 2025 annual meeting; holders agree to vote in favor.
Valuation determined using Black-Scholes with trailing 60-day VWAP and realized volatility.

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