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Investing.com -- Owlet Inc (NYSE:OWLT) stock dropped 7.2% Wednesday after the smart infant monitoring company announced the pricing of a public offering of shares at $7.15 each.
The offering consists of 4,196,000 shares of Class A common stock, with the company expecting to raise approximately $30 million in gross proceeds before underwriting discounts and commissions. Owlet has also granted underwriters a 30-day option to purchase up to an additional 629,400 shares at the public offering price.
The company intends to use the net proceeds to support continued commercialization and research and development efforts, as well as for general corporate purposes. The offering is expected to close around October 23, 2025, subject to customary closing conditions.
William Blair and TD Cowen are serving as joint bookrunners for the offering, with Craig-Hallum acting as co-manager.
Owlet, which pioneered smart infant monitoring technology, saw its shares decline as investors reacted to the potential dilution from the new share issuance. The offering price of $7.15 represents a discount to the stock’s previous closing price, contributing to the downward pressure on the shares.
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