Owlet derivative suit settlement hearing moved to Feb 25; governance reforms proposed

Owlet, Inc.

Hearing on settlement of Vargas v. Workman derivative action continued from Feb 6 to Feb 25, 2026.
Settlement requires Owlet to adopt corporate governance reforms for at least 8 years, including new Audit/Risk, ERM, and Disclosure committees.
No monetary relief to shareholders; plaintiffs' counsel will seek court-approved fees and expenses from Owlet.
Reforms are intended to strengthen internal controls, risk management, and disclosure accuracy post-SEC issues.
Settlement was reached after arm's-length negotiations; Owlet denies any wrongdoing but agrees to reforms.

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