SCHEDULE: Kinderhook Entities Disclose 6.89% Passive Stake in Owlet, Inc.

Kinderhook 2 GP LLC, Kinderhook 2, LP, and their managing members Stephen J. Clearman and Tushar Shah, have disclosed a passive beneficial ownership of 6.89% in Owlet, Inc.'s Common Stock.

Summary

• Kinderhook 2 GP LLC, Kinderhook 2, LP, Stephen J. Clearman, and Tushar Shah collectively hold a beneficial ownership of 1,138,278 shares of Owlet, Inc. Common Stock.
• This stake represents 6.89% of the outstanding Class A Common Stock of Owlet, Inc.
• The percentage is calculated based on 16,524,690 shares outstanding as of March 31, 2025, as reported in Owlet's Form 10-Q filed on May 6, 2025.
• The reporting persons have sole voting and dispositive power over all 1,138,278 shares.
• The filing indicates a passive investment, stating the securities were not acquired or held for the purpose of changing or influencing control of Owlet, Inc.

Sentiment

Score: 7

Explanation: The disclosure of a significant passive stake by an institutional investor like Kinderhook generally indicates a vote of confidence in the company's value or future prospects, without implying an intent to control or disrupt operations.

Positives

• A significant institutional investor, Kinderhook, has taken a notable stake in Owlet, Inc., potentially signaling confidence in the company's long-term prospects.
• The investment is stated to be passive, suggesting no immediate intent to disrupt current management or operations.

Risks

• No specific risks related to Owlet, Inc.'s operations or financial health are disclosed in this ownership filing. The primary risk is related to the investment itself, which is inherent in any equity holding.

Future Outlook

Not applicable. This filing reports a past event of ownership acquisition and does not provide forward-looking statements or guidance from the issuer or the reporting persons regarding the issuer's future performance.

Management Comments

• Mr. Clearman disclaims any beneficial ownership of the shares of Common Stock covered by this Statement in which he does not have a pecuniary interest.
• Mr. Shah disclaims any beneficial ownership of the shares of Common Stock covered by this Statement in which he does not have a pecuniary interest.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing indicates a significant passive investment by a private equity firm (Kinderhook) in Owlet, Inc., a company likely operating in the health technology or consumer electronics sector. Such investments are common as firms seek to gain exposure to specific industries or companies they believe are undervalued or have growth potential.

Stakeholder Impact

• Shareholders: The disclosure of a new significant institutional shareholder could be viewed positively, potentially increasing investor confidence and liquidity.
• Management: The passive nature of the investment suggests no immediate threat to current management, allowing them to continue executing their strategy.

Key Dates

Keywords

Owlet Inc., Kinderhook 2 GP LLC, Kinderhook 2, LP, Stephen J. Clearman, Tushar Shah, Beneficial Ownership, SEC Filing, Schedule 13G, Common Stock, Passive Investment, Institutional Investor, Equity Stake