SmartRent Issues Response to Inaccurate Short Seller Report

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--SmartRent, Inc. (NYSE: SMRT, “SmartRent” or “the Company”), the leading provider of smart home and property operations solutions for the rental housing industry, announced that the recent “research report” published by a short-seller is inaccurate and misleading.

The report is littered with unsupported claims and obvious factual and contextual errors about SmartRent’s business and prospects. For example, the report draws a variety of negative conclusions from RET Ventures’ reduced holdings of SmartRent stock. However, as clearly detailed in RET’s Schedule 13D/A filed on March 17, 2023, their holdings declined as a result of a series of “pro rata, in-kind distribution[s]” of public securities to its general and limited partners typical of private venture funds. SmartRent maintains a close business relationship with RET and RET’s limited partners remain SmartRent customers. As historically disclosed in SmartRent’s 10-K, the Company’s churn rate was 0.01% (including RET’s limited partners). In this and many other instances, the report implies correlations that do not exist and draws conclusions that are blatantly untrue.

SmartRent stands by the security of its products and the value provided to property owners, managers and residents.

SmartRent has assessed the report and will take appropriate steps to protect its stockholders.

About SmartRent

Founded in 2017, SmartRent, Inc. (NYSE: SMRT) is a leading provider of smart home and smart property solutions for the multifamily industry. The company’s unmatched platform, comprised of smart hardware and cloud-based SaaS solutions, gives operators seamless visibility and control over real estate assets, empowering them to simplify operations, automate workflows, benefit from additional revenue opportunities and deliver exceptional site team and resident experiences. SmartRent serves 15 of the top 20 multifamily owners and operators, and its solutions enable millions of users to live smarter every day. For more information, please visit www.smartrent.com.