SCHEDULE: Trilogy Equity Converts Owlet Warrants to Boost Stake
Beneficial Ownership Update
Trilogy Equity Partners, LLC has converted warrants into Owlet, Inc. Class A Common Stock, increasing its beneficial ownership to 8.7%.
Summary
- Trilogy Equity Partners, LLC now beneficially owns 2,022,178 shares of Owlet, Inc. Class A Common Stock, representing 8.7% of the outstanding shares.
- This ownership includes 1,567,468 direct shares, 158,309 shares from Series A Convertible Preferred Stock, and 296,401 shares from Series B Convertible Preferred Stock.
- On October 10, 2025, Trilogy exchanged 712,915 warrants (issued in February 2023) for Common Stock at a ratio of 0.61 shares per warrant.
- Additionally, 444,601 warrants (issued in February 2024) were exchanged for Common Stock at a ratio of 0.56 shares per warrant.
- The percentage ownership calculation is based on 22,788,420 shares outstanding as of October 10, 2025, plus the shares issuable upon conversion of preferred stock held by Trilogy.
Sentiment
Score: 6
Explanation: The conversion of warrants into common stock by a significant investor like Trilogy Equity Partners is generally a neutral to slightly positive event, indicating continued commitment and simplifying the capital structure, though it does cause some dilution.
Positives
- Trilogy Equity Partners, LLC has increased its direct equity stake in Owlet, Inc. by converting warrants, demonstrating continued commitment and confidence in the company.
- The conversion of warrants reduces the potential dilutive overhang of outstanding warrants, simplifying the capital structure.
Negatives
- The conversion of warrants into common stock increases the number of outstanding shares, leading to dilution for existing common shareholders.
Future Outlook
No specific forward-looking statements or guidance are provided in this filing, which focuses on a past ownership transaction.
Industry Context
This filing primarily concerns an individual investor's ownership stake and warrant conversion, which does not directly relate to broader industry trends or competitors in a way that can be analyzed from the filing itself.
Related Party Transactions
- Trilogy Equity Partners, LLC, a significant shareholder, exchanged warrants for common stock with Owlet, Inc. This transaction stems from prior investment agreements (2023 and 2024) and an Exchange Agreement (August 7, 2025).
Stakeholder Impact
- Shareholders: Experience slight dilution due to the issuance of new shares upon warrant conversion.
- Trilogy Equity Partners, LLC: Increases its direct equity ownership and voting power in Owlet, Inc.
Key Dates
| Date | Description |
|---|---|
| 2021-07-29 | Original Schedule 13D filed with the SEC. |
| 2023-02-17 | Date of 2023 Investment Agreement for Series A Convertible Preferred Stock. |
| 2023-02-23 | Amendment No. 1 to Schedule 13D filed with the SEC. |
| 2024-02-25 | Date of 2024 Investment Agreement for Series B Convertible Preferred Stock. |
| 2024-03-01 | Amendment No. 2 to Schedule 13D filed with the SEC. |
| 2024-08-13 | Filing date of Issuer's Current Report on Form 8-K, incorporating Exchange Agreement as Exhibit 10.1. |
| 2024-08-22 | Amendment No. 3 to Schedule 13D filed with the SEC. |
| 2025-08-07 | Date of Exchange Agreement between Owlet, Inc. and holders. |
| 2025-10-10 | Date of event requiring this filing (warrant exchange) and the assumed outstanding shares count. |
| 2025-10-14 | Filing date of Issuer's Current Report on Form 8-K, reporting 22,788,420 shares outstanding. |
| 2025-10-15 | Signature date of this Amendment No. 4 to Schedule 13D. |
Recommendation
holdThe filing details a routine warrant conversion by a significant existing investor, Trilogy Equity Partners, LLC, increasing their direct ownership stake. While this demonstrates continued commitment, it also results in some share dilution. There are no new material financial results, strategic shifts, or significant positive/negative catalysts disclosed that would warrant a change from a 'hold' position based solely on this ownership update. Investors should consider the broader company performance and market conditions.
Keywords
Owlet Inc., Trilogy Equity Partners, Warrant Conversion, Schedule 13D/A, Beneficial Ownership, Common Stock, Equity Stake, SEC Filing, OWLT
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