Kurt Workman - 15 Jul 2021 Form 4 Insider Report for Owlet, Inc. (OWLT)

Role
Chief Executive Officer, Director
Signature
/s/ Jacob Briem, Attorney-in-Fact
Issuer symbol
OWLT
Transactions as of
15 Jul 2021
Net transactions value
$0
Form type
4
Filing time
19 Jul 2021, 20:03:39 UTC
Next filing
14 Mar 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction OWLT Common Stock Award +2,074,202 2,074,202 15 Jul 2021 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction OWLT Stock Options Award $0 +339,473 $0.000000 339,473 15 Jul 2021 Common Stock 339,473 $7.13 Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On July 15, 2021, pursuant to that certain Business Combination Agreement, dated as of February 15, 2021, by and among the Issuer, Project Olympus Merger Sub, Inc. ("Merger Sub") and Owlet Baby Care Inc. ("Owlet Baby Care"), Merger Sub merged with and into Owlet Baby Care with Owlet Baby Care surviving as a wholly owned subsidiary of the Issuer (the "Merger"). Upon consummation of the Merger (the "Effective Time"), each issued and outstanding share of common stock of Owlet Baby Care was automatically cancelled and converted into approximately 2.053 (the "Exchange Ratio") shares of common stock of the Issuer.
F2 At the Effective Time, each outstanding option to purchase shares of Owlet Baby Care common stock (each an "Owlet Baby Care Option") was automatically cancelled and converted into an option to purchase a number of shares of common stock of the Issuer equal to (i) the number of shares of Owlet Baby Care common stock subject to the applicable Owlet Baby Care Option multiplied by (ii) the Exchange Ratio, rounded down to the nearest whole share.
F3 Represents an award of stock options on January 24, 2021, which vests in 48 monthly installments thereafter beginning on February 11, 2021, subject to the reporting person's continued service through the applicable vesting date.