Washington, D.C. 20549
Date of Report (Date of earliest event reported): August 11, 2023
(Exact name of registrant as specified in its charter)

Owlet Logomark (JPG).jpg
(State or other jurisdiction
of incorporation)
File Number)
(I.R.S. Employer
Identification No.)
3300 North Ashton BoulevardSuite 300
(Address of principal executive offices)(Zip Code)
(Registrant’s telephone number, including area code)
(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:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-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
Name of each exchange
on which registered
Class A Common Stock, $0.0001 par value per share
OWLTNew 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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 11, 2023, Jayson Knafel, a Class II director of Owlet, Inc. (the “Company”) and a member of the Compensation Committee of the Company’s Board of Directors (the “Board”), who served on the Board as a designee of Eclipse Ventures, LLC (“Eclipse”), notified the Company of his intention to resign from the Board, effective August 11, 2023. Mr. Knafel’s resignation follows his stepping down as a partner of Eclipse to serve as Chief Financial Officer of an unaffiliated company, and was not due to any disagreement on any matter relating to the Company’s operations, policies or practices.

Following Mr. Knafel’s resignation from the Board, and pursuant to the terms of the Amended and Restated Stockholders Agreement dated as of February 17, 2023 by and among the Company and Eclipse affiliates Eclipse Ventures Fund I, L.P., Eclipse Continuity Fund I, L.P. and Eclipse Early Growth Fund I, L.P. (the “Stockholders Agreement”), which permits Eclipse to nominate two directors (each, an “Eclipse Designee”) to serve on the Board subject to specified beneficial ownership levels, Eclipse nominated Marc F. Stoll to serve on the Board as an Eclipse Designee, to fill the vacancy resulting from Mr. Knafel’s resignation.

On August 15, 2023, and effective as of that date, the Board appointed Marc F. Stoll, an Eclipse Designee, to serve on the Board as a Class II director of the Company, for a term expiring at the Company’s 2026 annual meeting of stockholders and until his successor has been elected and qualified or until his earlier death, resignation or removal. There are no committees of the Board on which Mr. Stoll is currently contemplated to serve.

Mr. Stoll has been an Investment Partner at Eclipse, a venture capital firm, since February 2023. From April 2019 through January 2023, Mr. Stoll served as President and Chief Operating Officer of Nextiva, a private telephone and technology service company, and from September 2014 through March 2015 served as Chief Financial Officer of Anaplan, a private business planning software company. Mr. Stoll joined Anaplan from Apple Inc., a multinational technology company (NASDAQ: AAPL), where he served as Vice President of Worldwide Sales Finance from August 2008 through July 2013. Earlier in his career, he served as Senior Vice President and Corporate Controller of CA, Inc. and as Head of Technology Equity Research at Julius Baer Investment Management. Mr. Stoll has also served on the board of directors of a number of public and private companies. Mr. Stoll holds a Masters of Business Administration from the University of Chicago, Booth School of Business, and a Bachelor of Science in Electrical Engineering from Michigan Technological University.

The Company expects Mr. Stoll to enter into the Company’s standard indemnification agreement for directors and officers.

Except as described in this Current Report on Form 8-K, there are no transactions between Mr. Stoll and the Company that would be reportable under Item 404(a) of Regulation S-K.

Item 7.01. Regulation FD Disclosure.

A copy of the press release, dated August 16, 2023, announcing the appointment of Mr. Stoll to the Board, is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Item 7.01, including Exhibit 99.1 furnished hereunder, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Furthermore, the information in this Item 7.01, including Exhibit 99.1 furnished hereunder, shall not be deemed incorporated by reference into the filings of the Company under the Securities Act or the Exchange Act.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.
Cover Page Interactive Data file (the cover page XBRL tags are embedded within the Inline XBRL document).

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: August 16, 2023By:/s/ Kathryn R. Scolnick
Name:Kathryn R. Scolnick
Title:Chief Financial Officer

Exhibit 99.1
Owlet Appoints Eclipse Partner Marc Stoll to Board of Directors

LEHI, Utah--(BUSINESS WIRE)--Owlet, Inc. (“Owlet” or the “Company”) (NYSE: OWLT), a pioneer of smart baby monitoring, today announces the appointment of Marc Stoll to the Company’s Board of Directors. Stoll is currently an Investment Partner at Eclipse, a strategic investment firm focused on advancing the Industrial Evolution. His experience spans more than 25 years across the global finance and technology industries, and his expertise in leading corporate strategy and operational excellence will help bolster Owlet’s future ventures and growth potential.

"I’m thrilled to join Owlet’s Board of Directors after spending time becoming very familiar with the brand and products, its life-changing mission and amazing customers, and the company’s incredible team across the globe,” said Marc Stoll. “The entire Owlet community is strong, and I look forward to helping guide this company in its next chapter of advancement in medical grade, at-home infant health monitoring.”

Prior to Eclipse, Stoll was President and COO at Nextiva and has more than two decades of experience combining his financial and technology expertise derived from time as CFO at Anaplan and as Vice President of Worldwide Sales Finance at Apple. Stoll also served as Corporate Controller at CA, Inc. and as Head of Technology Equity Research at Julius Baer Investment Management. He has served on the public boards of Arista Networks, Earthlink and Windstream, and on private boards as an investor and advisor.

Owlet values Stoll’s strong operational, financial, and consumer experience in order to accelerate the Company’s global growth strategies in its consumer and medical product distribution channels. Stoll’s personal experience with remote patient monitoring and his passion for life-impacting health technologies make him a valuable addition to Owlet’s Board.

"I’ve had the pleasure of working with Marc during the recent months, and I believe his appointment to Owlet’s Board of Directors will help us continue on our growth trajectory,” said Kurt Workman, Owlet CEO and Co-Founder. “Marc, as a part of Eclipse, has proven himself to be a beneficial resource with his operational and consumer product experience. Now, as a Board member, I see him working closely with our current directors to help facilitate our progress with go-to-market strategy for our first FDA-cleared pulse-oximetry medical device, BabySat™, and future product developments. I’m excited to continue our work together and see the value Marc will add to our Board.”

Stoll will be the replacement designee of Eclipse, which maintains the right to designate up to two directors as a result of the Company’s February 2023 preferred stock financing, replacing Jayson Knafel who resigned from Owlet’s Board and stepped away as a Partner of Eclipse into a full-time CFO role.

About Owlet, Inc.

Owlet was founded by a team of parents in 2012. Owlet’s mission is to empower parents with the right information at the right time, to give them more peace of mind and help them find more joy in the journey of parenting. Owlet’s digital parenting platform aims to give parents real-time data and insights to help parents feel calmer and more confident. Owlet believes that every parent deserves peace of mind and the opportunity to feel their well-rested best. Owlet also believes that every child deserves to live a long, happy, and healthy life, and is working to develop products to help further that belief. To learn more, visit www.owletcare.com.

About Eclipse

With over $4 billion in assets under management, 70-plus portfolio companies, and a team of investors with deep operating expertise in technology, manufacturing, supply chain, logistics, healthcare, and consumer products, Eclipse is a leading U.S. venture capital firm. Its leadership team has the experience necessary to create and scale complex operations. Eclipse partners with exceptional companies that make physical industries more efficient, resilient, and profitable. For more information, visit www.eclipse.vc.

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, including, without limitation, statements regarding the Company’s growth prospects, expanded product offerings and the impacts of new leadership. 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 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 our products and other regulatory requirements and legal proceedings; (ii) Owlet’s competition and the Company’s ability to profitably grow and manage growth; (iii) the Company’s ability to enhance future operating and financial results or obtain additional financing to continue as a going concern; (iv) Owlet’s ability to obtain additional financing in the future, as well risks associated with the Company’s current loan and debt agreements, including compliance with debt covenants, restrictions on the Company’s access to capital, the impact of the Company’s overall debt levels and the Company’s ability to generate sufficient future cash flows to meet Owlet’s debt service obligations and operate Owlet’s business; (v) 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; (vi) Owlet’s ability to acquire, defend and protect its intellectual property and satisfy regulatory requirements, including but not limited to requirements concerning privacy and data protection, breaches and loss, as well as other risks associated with Owlet’s digital platforms and technologies; (vii) Owlet’s ability to maintain relationships with customers, manufacturers and suppliers and retain Owlet’s management and key employees; (viii) Owlet’s ability to upgrade and maintain its information technology systems; (ix) changes in applicable laws or regulations; (x) 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, such as health epidemics or pandemics, macro-economic uncertainties, social unrest, hostilities, natural disasters or other catastrophic events; (xi) the possibility that Owlet may be adversely affected by other economic, business, regulatory, competitive or other factors, such as changes in

discretionary consumer spending and consumer preferences; and (xii) 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, 2022, as updated in the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2023 and June 30, 2023 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. Moreover, the Company operates in an evolving environment. New risk factors and uncertainties may emerge from time to time, and factors that the Company currently deems immaterial may become material, and it is impossible for the Company to predict 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.

Investors and Media
Mike Cavanaugh
Phone: +1.617.877.9641

Aug. 11, 2023
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 11, 2023
Entity Registrant Name OWLET, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-39516
Entity Tax Identification Number 85-1615012
Entity Address, Address Line Two Suite 300
Entity Address, City or Town Lehi
Entity Address, State or Province UT
Entity Address, Postal Zip Code 84043
City Area Code 844
Local Phone Number 334-5330
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001816708
Amendment Flag false
Entity Address, Address Line One 3300 North Ashton Boulevard
Common Stock  
Document Information [Line Items]  
Title of 12(b) Security Class A Common Stock, $0.0001 par value per share
Trading Symbol OWLT
Security Exchange Name NYSE

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