Owlet Intends To Offer And Sell Its Class A Common Stock In Public Offering; No Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Owlet plans a public offering of its Class A common stock, with an option for underwriters to purchase an additional 15%. Proceeds will be used for general corporate purposes.
September 11, 2024 | 9:24 pm
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Owlet is planning a public offering of its Class A common stock, which may dilute existing shares and impact stock price. The offering includes an option for underwriters to purchase an additional 15%.
The announcement of a public offering typically leads to a short-term decrease in stock price due to potential dilution of existing shares. The option for underwriters to purchase an additional 15% further increases potential dilution. The use of proceeds for general corporate purposes does not provide immediate value to shareholders.
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