Owlet Announces Equity Inducement Award for Kurt Workman in Connection with Re-Appointment as CEO

Lehi, UTAH - (BUSINESSWIRE) - Owlet, Inc. (NYSE: OWLT)(the "Company" or "Owlet"), the pioneer of smart infant monitoring, today announced that on April 28, 2026, the Compensation Committee of its Board of Directors approved an equity inducement award to Kurt Workman, the Company's Co-Founder and Former CEO, who returned to the Company on April 6, 2026, as its newly appointed President and Chief Executive Officer, after a bona fide period of interruption of employment. Mr. Workman stepped down as CEO in October 2025 and served as Executive Chairman of the Board in a non-employee capacity until his reappointment. The award was made in connection with Mr. Workman rejoining the Company as a material inducement to employment.

The equity inducement award consists of 850,000 restricted stock units ("Inducement RSUs"), which will vest in 1/12th installments on each quarterly anniversary of April 6, 2026, such that the award will be fully vested on April 6, 2029, subject to Mr. Workman's continued employment with the Company through each vesting date.

The Compensation Committee of the Company's Board of Directors approved the award of the Inducement RSUs in reliance on the employment inducement exemption to shareholder approval under Rule 303A.08 of the New York Stock Exchange Listed Company Manual.

About Owlet, Inc.

Owlet, Inc. (NYSE: OWLT), a leading pediatric health platform, is the only company in the world to offer U.S. FDA-cleared and internationally medically-certified wearable pediatric monitors, delivering hospital-grade technology directly in the home. Our award-winning pediatric products and innovative software combine clinically tested monitoring systems, an integrated video platform, and a simple, easy-to-use app, providing parents with real-time health insights to stay informed on their child's well-being, support restful sleep, and provide peace of mind anywhere. Since 2012, more than 2.5 million parents have trusted Owlet to monitor their children's well-being and sleep. This adoption has fueled one of the largest collections of pediatric health and sleep data in the world, powering innovations that bridge the critical gap between hospital and home. Owlet is driving a new standard in pediatric wellness by pairing advanced medical technology with consumer-friendly design. Our mission is simple yet ambitious: to give every baby and every family the best possible start in life.

Learn more at www.owletcare.com and follow us on LinkedIn and Instagram for company news and updates.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "estimate," "may," "believes," "plans," "expects," "anticipates," "intends," "goal," "potential," "upcoming," "outlook," "guidance," the negation thereof, or similar expressions, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on the Company's expectations at the time such statements are made, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties and other factors. For all such forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. The Company's actual results, performance or achievements may differ materially from any future results, performance or achievements expressed or implied by our forward-looking statements. Many important factors could affect the Company's future results and cause those results to differ materially from those expressed in or implied by the Company's forward-looking statements. Such factors include, but are not limited to: (i) the commercial success of Owlet's products, including its subscription services, and the Company's ability to support, scale and maintain its subscription services; (ii) the regulatory pathway for Owlet's products, including submissions to, actions taken by and decisions and responses from regulators, such as the FDA and similar regulators outside of the United States, as well as Owlet's ability to obtain and maintain regulatory approval or certification for its products and comply with ongoing regulatory requirements; (iii) the Company's and its partners' obligations relating to data privacy, security and the exchange and use of health information, and risks of cybersecurity incidents or changes in applicable standards or interpretations; (iv) the performance of, and Owlet's ability to maintain and expand, its relationship with third-party technology, cloud, manufacturing and distribution partners; (v) Owlet's competition and the Company's ability to profitably grow and manage growth; (vi) the ability of Owlet to implement strategic initiatives, reduce costs, grow revenues, develop and launch new products, innovate and enhance existing products, meet customer demands and adapt to changes in consumer preferences and retail trends; (vii) Owlet's ability to acquire, defend and protect its intellectual property and satisfy regulatory requirements concerning privacy and data protection; (viii) Owlet's ability to maintain relationships with channel partners, customers, manufacturers and suppliers; (ix) the effectiveness of the Company's marketing, public relations, and communications strategies, and the ability of such strategies to generate consumer and investor interest and improve brand awareness and discoverability; (x) impacts from compliance with applicable laws or regulations; (xi) the impact of and disruption to Owlet's business, financial condition, operations, supply chain and logistics due to economic and other conditions beyond the Company's control; (xii) adverse impacts from other economic, business, regulatory, competitive or other factors, such as changes in discretionary consumer spending and consumer preferences; and (xiii) other risks and uncertainties set forth in the Company's other releases, public statements and filings with the U.S. Securities and Exchange Commission ("SEC"), including those identified in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and as any such factors may be updated from time to time in the Company's other filings with the SEC. All such forward-looking statements attributable to the Company or any person acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. The Company operates in a rapidly evolving regulatory, technological and consumer environment, and new risks and uncertainties may emerge from time to time, including those related to product performance, consumer usage, regulatory interpretation, data privacy and security, and competitive offerings, and it is impossible for the Company to predict all such events or how they may affect Owlet. Except as required by law, the Company assumes no obligation to update any forward-looking statements after the date of this press release, whether because of new information, future events or otherwise, although Owlet may do so from time to time. The Company does not endorse any projections regarding future performance that may be made by third parties.