Owlet’s Series A Preferred Stock Conversion Boosts Market Cap

Owlet (OWLT) just unveiled an update.

On August 20, 2024, Owlet, Inc. experienced a significant shift in its stock structure when holders of the Series A Preferred Stock opted to convert over 15,000 shares into common stock, resulting in over 2.2 million new shares of common stock. This move, driven by the company’s positive performance and efforts to simplify its capital structure, aligns with its strategy to meet the NYSE’s $50 million market cap requirement. Following the conversion, Owlet’s market capitalization rose to approximately $54 million, reflecting investor confidence and the company’s forward momentum.

Learn more about OWLT stock on TipRanks’ Stock Analysis page.