Owlet Announces Pricing of Public Offering and Comprehensive Debt Refinancing for Total Gross Proceeds of up to $46.6 Million

Owlet, Inc. (“Owlet” or the “Company”) (NYSE:OWLT), the pioneer of smart infant monitoring, today announced the pricing of an underwritten public offering of 3,135,136 shares of the Company’s Class A common stock (the “Offering”). The shares of Class A common stock are being sold at a public offering price of $3.70 per share, before underwriting discounts and commissions. All of the shares in the Offering are to be sold by the Company. The gross proceeds to Owlet from the Offering are expected to be approximately $11.6 million, before deducting underwriting discounts and commissions and other offering expenses. The Offering is expected to close on or about September 13, 2024, subject to the satisfaction of customary closing conditions.

Owlet intends to use the net proceeds from the Offering for general corporate purposes, capital expenditures, working capital and general and administrative expenses.

Owlet also announced today its entrance into a term loan agreement with Western Technology Investment (the “Term Loan Agreement”) and a revolving line of credit with Mountain Ridge Capital (the “Credit Agreement,” and together with the “Term Loan Agreement,” the “Debt Refinancing”). The Term Loan Agreement provides for a term loan facility of up to $15 million. The Term Loan Agreement consists of a first tranche of $10 million, with $7.5 million expected to fund shortly after closing and $2.5 million available to fund until December 31, 2024. The second tranche of $5 million is available after June 30, 2025, subject to certain conditions under the Term Loan Agreement. The Credit Agreement provides for a three-year revolving credit facility of up to $15 million, increasing to up to $20 million on the first anniversary of the Credit Agreement’s effective date. As a result of the Debt Refinancing, the Company expects further access to capital and increased operational flexibility.

Titan Partners Group, a division of American Capital Partners, is acting as the sole bookrunner for the Offering and served as financial advisor to the Company on its Debt Refinancing.

The securities described above are being offered by Owlet pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the U.S. Securities and Exchange Commission, or the SEC. The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement, copies of which may be obtained, when available, by request from: Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York, NY 10007, by phone at [phone] or by email at [e-mail].