Sandbridge Acquisition Corp

The registered count still excludes shares issuable to Owlet stockholders who had already voted to approve the business combination, so it understates the total issuance rather than capping it. It is built from Owlet's capitalisation as of March 22, 2021 at an estimated Exchange Ratio of 2.050: 5,608,844 common shares, 11,167,137 preferred shares, 892,456 shares on cashless exercise of the warrants, 695,107 preferred shares on conversion of the convertible promissory notes and 3,153,776 shares on cash exercise of options.

The registered figure is built openly from Owlet's capitalisation as of March 22, 2021 at an estimated Exchange Ratio of 2.050: 5,608,844 common shares, 11,167,137 preferred shares, 892,456 shares on cashless exercise of the Owlet warrants, 695,107 preferred shares on conversion of the convertible promissory notes and 3,153,776 shares on cash exercise of options. Because shares for stockholders who had already consented are left out of that count, the registered number understates the total issuance rather than capping it.

What changed: Owlet, Inc. reported the results of its 2026 annual meeting held August 12, 2026. On the June 15, 2026 record date there were 29,063,954 shares of Class A common stock outstanding plus 11,479 Series A Preferred shares carrying 1,673,320 votes and 9,250 Series B Preferred shares carrying 1,199,348 votes. Stockholders elected Marc F. Why it matters: The two preferred classes carry roughly 2.87 million votes combined and voted entirely in favour of the share-reserve increase, which passed against 5.4 million combined-class votes opposed — the closest result on the ballot. The 600,000 additional shares are on top of, not instead of, the evergreen increase already in the plan.

What changed: Owlet, Inc. (NYSE: OWLT) furnished a press release dated August 11, 2026 reporting second quarter 2026 results. Revenue was $33.9 million against $26.1 million a year earlier, up 29.9%, with subscription revenue of $3.2 million against $0.9 million. GAAP gross margin was 64.4% against 51.3%, but excluding $3.5 million of tariff refund impact it was 54.0%, up about 270 basis points; subscription gross margin was 68.4%. Why it matters: The company states plainly that the entire guidance raise is the one-time IEEPA tariff refund and that its underlying expectations are essentially unchanged — the 64.4% headline gross margin is 54.0% without it. Revenue guidance was left alone, which is the tell.

What changed: Owlet, Inc., the Sandbridge Acquisition Corp successor, filed as Exhibit 10.1 a credit agreement among Wells Fargo Bank as lender, Owlet Baby Care, Inc. as borrower and Owlet, Inc. as guarantor. The facility provides revolving loans with a letter of credit sub-facility, borrowing procedures, interest and fees, and a facility increase option, subject to conditions precedent to the initial and each subsequent revolving loan and to representations covering perfected liens, title to assets, solvency, absence of material adverse effect and a borrowing base certificate requirement. Why it matters: An asset-based revolver from a major bank, secured by perfected liens and governed by a borrowing base, is materially cheaper and less dilutive than the convertible notes and equity lines that finance most companies in this cohort — a company only gets this structure if it has receivables and inventory a bank will lend against. For former SBG holders it strengthens liquidity without issuing shares, but the borrowing base means available credit shrinks if sales fall.

What changed: Owlet, Inc. (successor to SPAC Sandbridge Acquisition Corp) called its 2026 annual meeting for Wednesday, August 12, 2026 at 1:00 p.m. ET, entirely virtual, using notice-and-access delivery to holders of record at the close of business on June 15, 2026. As of that record date there were 29,063,954 shares of common stock outstanding, 11,479 shares of Series A Preferred representing 1,673,320 shares of voting power, and 9,250 shares of Series B Preferred. Pay-versus-performance tables show 2025 net loss of $39.678 million and a $100 initial investment worth $206.87. Why it matters: Routine annual governance with no SPAC trust exposure remaining. The capital structure detail is what matters to common holders: 11,479 Series A preferred shares carry 1,673,320 votes, roughly 5.4% of the 29.1 million common shares outstanding, and a Series B layer sits behind it, so preferred holders vote together with common and rank ahead of them in liquidation. Owlet remained loss-making in 2025 at $39.7 million while total shareholder return more than doubled to $206.87 per $100, meaning the valuation rests on expectations rather than earnings.