Owlet, Inc. announced a private placement of an aggregate of 9,250 series B convertible preferred stock at a price of $1,000 per share and warrants for the total gross proceeds of $9,250,000 on February 25, 2024. The preferred shares will be convertible into common shares of the company. The Warrants have a five-year term and an exercise price that is equal to $7.7125 per share.

The transaction is expected to close on February 28, 2024.