Item 1.01. Entry Into a Material Definitive Agreement.
On June 11, 2025, Owlet, Inc., a Delaware corporation (the "Company" or the "Guarantor"), and Owlet Baby Care, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company ("OBCI" or the "Borrower" and, together with Guarantor, the "Loan Parties"), entered into a First Amendment to Credit and Security Agreement (the "First Amendment") with the financial institutions party thereto as lenders (the "Lenders") and ABL OPCO LLC, a Delaware limited liability company, in its capacity as administrative agent for the Lenders (in such capacity, the "Administrative Agent"). The First Amendment amends the Credit and Security Agreement, dated September 11, 2024, that was entered into by the Loan Parties, the Lenders and the Administrative Agent, to (among other things) (i) modify certain financial covenants required to be maintained by the Borrower, (ii) increase the amount of capital expenditures that may be incurred by the Borrower during certain fiscal years, and (iii) expand the eligibility of certain accounts receivable that the Borrower can borrow against.
The foregoing description of the First Amendment does not purport to be complete and is qualified in its entirety by the full text of the First Amendment, a copy of which is filed as Exhibit 10.1 hereto and is incorporated by reference.