Owlet Board Approves 1-for-14 Reverse Stock Split Of Class A Stock - Quick Facts

(RTTNews) - Owlet, Inc. (OWLT) said its Board has approved a 1-for-14 reverse stock split of Class A common stock, $0.0001 par value per share, that is expected to become effective on July 7, 2023. The shares are expected to begin trading on NYSE on a split-adjusted basis at the market open on July 10, 2023.

The company expects that the reverse split will allow it to regain compliance with the $1.00 minimum average closing price requirement of the NYSE.

The reverse split will reduce the number of issued and outstanding shares of common stock from approximately 118,078,000 to approximately 8,434,142. The number of authorized shares will be reduced from 1,000,000,000 shares to 107,142,857 shares.