Owlet (NYSE: OWLT) gains preliminary approval in Smart Sock derivative case

Rhea-AI Filing Summary

Owlet, Inc. reports that a federal court has preliminarily approved a settlement of a derivative lawsuit related to past statements about its Smart Sock product. The case, brought on behalf of the company in the Central District of California, involved certain current and former directors and a stockholder.

Under the settlement terms, Owlet has agreed to implement and maintain specified changes to certain corporate governance practices and the claims related to the allegations in the derivative action will be released, with no admission of wrongdoing. Owlet will be responsible for paying attorney’s fees in an amount that has not yet been determined. The settlement remains subject to court approval, after which all claims in the derivative action would be dismissed with prejudice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________

FORM 8-K

____________________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 11, 2025

____________________________

OWLET, INC.

(Exact name of registrant as specified in its charter)

____________________________

Delaware

001-39516

85-1615012

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

2940 West Maple Loop Drive, Suite 203 Lehi, Utah			84048
(Address of principal executive offices)			(Zip Code)

(844) 334-5330

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.0001 par value per share

OWLT

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o

Item 8.01. Other Events.

On September 11, 2025, the United States District Court for the Central District of California (the “Court”) preliminarily approved a settlement between Owlet, Inc. (the “Company”) and certain of its current and former directors and a stockholder of the Company to resolve the action captioned Vargas v. Workman, et al., No. 2:24-cv-07258-FLA (C.D. Cal.) brought derivatively on behalf of the Company challenging certain statements regarding the Smart Sock (the “Derivative Action”). Pursuant to the terms of the settlement agreement, the Company has agreed to implement and maintain certain changes to certain corporate governance practices. The settlement also provides for a release of claims related to the allegations in the Derivative Action with no admission of any wrongdoing. As part of the settlement, the Company is responsible for the payment of attorney’s fees in an amount that has not yet been determined. The Court must approve the settlement of the Derivative Action. The parties have agreed that, as part of the settlement, if the settlement is approved, all of the claims asserted in the Derivative Action will be dismissed with prejudice.

As required by the Court, a copy of the Notice of Pendency of Settlement of Action and the Stipulation of Settlement are filed hereto as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
99.1						Notice of Pendency of Settlement of Action
99.2						Stipulation of Settlement
104						Cover Page Interactive Data file (the cover page XBRL tags are embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Owlet, Inc.
Date: September 24, 2025			By:			/s/ Amanda Crawford
			Name:			Amanda Crawford
			Title:			Chief Financial Officer

FAQ

What legal matter does Owlet (OWLT) describe in this Form 8-K?

Owlet describes a derivative lawsuit in the U.S. District Court for the Central District of California, captioned Vargas v. Workman, et al., challenging certain statements regarding its Smart Sock product.

What is the status of the Owlet (OWLT) derivative lawsuit settlement?

The court has preliminarily approved a settlement, but final approval is still required before the settlement becomes effective and the claims are dismissed with prejudice.

What has Owlet (OWLT) agreed to do as part of the settlement?

Owlet has agreed to implement and maintain certain changes to specified corporate governance practices and to provide a release of claims related to the allegations in the derivative action, with no admission of wrongdoing.

Will Owlet (OWLT) pay attorney’s fees under the settlement?

Yes. As part of the settlement, Owlet will be responsible for payment of attorney’s fees, although the amount of those fees has not yet been determined.

What happens to the derivative claims against Owlet (OWLT) if the settlement is approved?

If the settlement is approved by the court, all of the claims asserted in the derivative action will be dismissed with prejudice and released under the settlement terms.

What documents related to the Owlet (OWLT) settlement are attached as exhibits?

Owlet filed the Notice of Pendency of Settlement of Action as Exhibit 99.1 and the Stipulation of Settlement as Exhibit 99.2, along with an Exhibit 104 cover page interactive data file.