Form 4: Eclipse Funds Convert Preferred Stock to Common Stock in Owlet, Inc. (OWLT)

Eclipse Early Growth Fund I, L.P. converted 12,120 shares of Series A Convertible Preferred Stock to 1,766,763 shares of common stock in Owlet, Inc. on August 20, 2024.

Summary

• This Form 4 filing details changes in beneficial ownership of Owlet, Inc. (OWLT) stock by several Eclipse affiliated entities.
• On August 20, 2024, Eclipse Early Growth Fund I, L.P. converted 12,120 shares of Series A Convertible Preferred Stock into 1,766,763 shares of Common Stock.
• The conversion was executed at an exchange ratio of 145.7726, according to the terms of the Investment Agreement (Excluded Investors) dated February 17, 2023.
• The share numbers and exchange ratio reflect a 1-for-14 reverse stock split completed by Owlet on July 7, 2023.
• The filing also lists the holdings of Common Stock by Eclipse Ventures Fund I, L.P. (968,694 shares) and Eclipse Continuity Fund I, L.P. (1,066,472 shares).

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing detailing a stock conversion, which is neither inherently positive nor negative. The sentiment is neutral.

Industry Context

This filing reflects ongoing investment activity and adjustments in ownership structure within Owlet, Inc., a company in the baby monitoring and connected nursery space. Conversions of preferred stock to common stock are a fairly standard part of the investment lifecycle.

Stakeholder Impact

• The conversion of preferred stock to common stock may have a dilutive effect on existing shareholders.

Key Dates