President Michael Abbott resigns; Q2 revenue $18.3M, pivots to break-even

Owlet, Inc.

President Michael Abbott resigns effective Sept 1, 2022; gets 1-year base salary ($475K), COBRA, accelerated vesting of options and 131,579 RSUs.
Q2 revenue $18.3M; company reducing operating expenses to achieve break-even on accelerated timeline.
Plans to submit FDA 510(k) for prescription BabySat monitoring system in coming weeks.
Prime Day July: Owlet ranked #1 bestselling baby monitor on Amazon.
Abbott cannot sell shares until April 15, 2023; then limited to 100K shares/month through June 15, 2023.

item 2.02 item 9.01 item 5.02

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Departed

Michael Abbott

President

OWLT · Owlet, Inc.

Effective: 2022-09-01
Filed: August 11, 2022, 7:59 PM ET

On August 11, 2022, the Company announced that Michael Abbott, President of the Company, intends to resign as President and as a member of the Company’s Board of Directors (the “Board”) effective September 1, 2022 (the “Separation Date”).

Key facts

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Executive change SEC 8-K Item 5.02 confidence 1.0

Michael Abbott departed as President at Owlet, Inc..

Action: resign
Role: President

Exact text from the filing

On August 11, 2022, the Company announced that Michael Abbott, President of the Company, intends to resign as President and as a member of the Company’s Board of Directors (the “Board”) effective September 1, 2022 (the “Separation Date”).

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Owlet, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-22-022454

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