Owlet, Inc. has entered into a new $25 million asset-based revolving credit facility with Wells Fargo Bank, National Association, effective June 26, 2026. This new facility replaces the company's existing credit facility and term loan, aiming to reduce borrowing costs and improve financial flexibility. The new facility offers a maximum principal amount of $25,000,000, with an option to increase it up to $35,000,000. Interest rates on the new facility are set at SOFR plus a margin of 2.00% or 2.25%, a significant reduction from the previous rates of SOFR plus 7.50% to 8.50%. As of June 26, 2026, Owlet's total liquidity, including cash and available borrowing capacity, was approximately $33.8 million. The facility matures on the third anniversary of the effective date, June 26, 2029. The agreement includes customary covenants restricting liens, indebtedness, dividends, investments, affiliate transactions, mergers, and asset sales. Financial covenants require maintaining at least $7,500,000 in liquidity and achieving certain minimum EBITDA thresholds. The company's obligations are guaranteed by Owlet, Inc. and secured by a security interest in substantially all personal property assets.