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LEHI, Utah - Owlet, Inc. (NYSE:OWLT), a company specializing in smart infant monitoring with a market capitalization of $150 million, announced Tuesday a proposed underwritten public offering of its Class A common stock. According to InvestingPro data, the company’s stock has shown remarkable momentum, delivering a 168% return over the past six months. The company plans to grant underwriters a 30-day option to purchase additional shares up to 15% of the offering at the public offering price less underwriting discounts and commissions.
According to the announcement, William Blair and TD Cowen will serve as joint bookrunners for the offering, with Craig-Hallum acting as co-manager. Owlet intends to use the proceeds to support continued commercialization, research and development, and general corporate purposes.
The offering is subject to market conditions, with no guarantees regarding completion timing, size, or terms. The securities will be offered pursuant to an effective shelf registration statement on Form S-3 previously filed with the SEC on August 14, 2024.
Owlet’s platform provides FDA-cleared medical and consumer pediatric wearables integrated with visual and audio monitoring capabilities. Since its founding in 2012, the company reports that over two million parents worldwide have used its products.
The announcement comes as Owlet continues efforts to develop software and digital data solutions to bridge healthcare gaps between hospital and home settings. The proposed offering details were disclosed in a company press release.
In other recent news, Owlet, Inc. has received approval from India’s Central Drugs Standard Control Organization for its Dream Sock infant monitoring device, enabling the company to enter the Indian market in early 2026. This approval allows Owlet to introduce its suite of products, including the Dream Sock, Dream Sight camera, and Dream Duo integrated system, to Indian consumers. Additionally, Owlet announced the expansion of its medically-certified Dream Sock infant monitor to South Africa, marking its presence on a third continent after North America and Europe.
In corporate developments, Owlet shareholders approved amendments to the company’s 2021 Incentive Award Plan, increasing the number of Class A common shares available for issuance. The company also appointed Jonathan Harris as CEO, with Kurt Workman transitioning to Executive Chair of the Board of Directors. Furthermore, Owlet received preliminary court approval for a settlement related to a derivative action concerning its Smart Sock product, agreeing to implement changes to specific corporate governance practices. These recent developments highlight Owlet’s strategic moves and corporate adjustments.
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