04:15 AM EDT, 09/12/2024 (MT Newswires) -- Owlet (OWLT) said late Wednesday it priced its public offering of about 3.1 million class A common shares at $3.70 per share for gross proceeds of about $11.6 million.

Net proceeds from the offering, expected to close Friday, will be used for general corporate purposes, capital expenditures, working capital and general and administrative expenses.

The company also said it has secured a $15 million term loan from Western Technology Investment and a $15 million revolving credit line from Mountain Ridge Capital, which could potentially increase to $20 million after a year.

The refinancing will improve the company's capital access and operational flexibility, Owlet said.

Shares of Owlet fell more than 13% in recent premarket trading Thursday.

Price: 3.7500, Change: -0.60, Percent Change: -13.79