• Sarvikas to lead Inseego in its next phase of growth following the company’s successful overhaul of its capital structure
• Company also adds Brian Miller, one of Inseego’s largest stockholders and noteholders, to its board of directors

San Diego, California – Inseego Corp. (Nasdaq: INSG) (“Inseego” or the “Company”), a technology leader in 5G mobile and fixed wireless solutions for mobile network operators, Fortune 500 enterprises, and SMBs, today announced the appointment of Juho Sarvikas as Chief Executive Officer and a Director on the Company’s Board of Directors, effective immediately.

“Juho’s exceptional leadership in the wireless industry, proven track record of operational excellence, and extensive industry relationships make him the perfect choice to lead Inseego’s continued evolution as CEO,” said Phil Brace, Executive Chairman of Inseego’s Board of Directors. “His deep expertise and strategic vision will enhance our position in the wireless marketplace and drive the Company’s next phase of growth and innovation.”

Sarvikas joins Inseego from Qualcomm, where he served as President of Qualcomm North America since 2021, and where he led the company’s diversification strategy for the region with particular focus on go-to-market. Prior to Qualcomm, Sarvikas served as Chief Product Officer of HMD Global from 2016 to 2021, where he was a founding member and spearheaded the relaunch of Nokia phones, growing the company to a multi-billion dollar topline. Before joining HMD Global, Sarvikas held various leadership roles across sales and product at Nokia and Microsoft.

“Inseego has achieved extraordinary progress on several important fronts over the past year and is now well-positioned to capitalize on an expanding market opportunity,” said Sarvikas. “I am honored to join this talented team at such a pivotal moment and look forward to building on Inseego’s strong technology and product leadership. I’m excited to drive Inseego forward as the partner of choice in the wireless ecosystem, bringing first-to-market innovation and delivering meaningful value for shareholders.”

In addition to Sarvikas’ appointment, Brian Miller has re-joined Inseego’s Board of Directors. Miller is Chief Investment Officer of North Sound Partners and has been invested in Inseego since 2018. North Sound is one of Inseego’s largest stockholders and noteholders, beneficially owning 19.9% of the Company’s common stock (as calculated under Securities and Exchange Commission rules) and 53% of the principal amount of the Company’s senior secured notes due in 2029. North Sound specializes in making direct investments in both public and private growth companies and collaborates with their management teams to create shareholder value.

Miller previously served on Inseego’s Board from 2018 to 2021. Prior to founding North Sound, he spent more than 20 years at Elliott Management, a New York-based hedge fund, where he was an equity partner, Chief Trading Officer, and a member of the management committee.

“Inseego’s transformation over the past year has been remarkable and established a strong foundation for growth and sustained profitability,” said Miller. “With a clean balance sheet and positive cash flow visibility, Inseego is well-positioned to pursue meaningful organic and inorganic growth opportunities. As both a committed investor and board member, I am eager to contribute to Inseego’s next phase of value creation.”

As part of his appointment as CEO, Inseego will issue inducement awards of 855,000 stock options, 124,347 time-based restricted share units (“RSUs”), and 167,910 performance share units (“PSUs”) to Sarvikas (together, the “Inducement Awards”). The options will have a ten-year term and exercise prices ranging from $10.72 to $25.72. The options will vest over a four-year period, with 25% of the options vesting on the first anniversary of the date of grant and the remainder vesting in equal monthly installments over the three years thereafter. The RSUs vest over four years, subject to each employee’s continuous employment on each vesting date. The PSUs provide for cliff vesting at the end of the three-year performance period, with the number of shares to be issued based on achievement of defined performance-based vesting conditions over the three-year performance period and will be subject to the employee’s continuous employment through the vesting date. Other terms of the options, RSUs and PSUs are as determined by the Compensation Committee and are as set forth in the applicable award agreements covering each grant. The Inducement Awards were approved by the independent compensation committee of Inseego’s board of directors in accordance with Nasdaq Marketplace Rule 5635(c)(4).

The Company also announced today that there was no change to its financial guidance provided for the fourth quarter of 2024, ended December 31, 2024 (which was issued on November 12, 2024). The Company plans to announce its fourth quarter and full-year 2024 financial results in mid-February, with details of the accompanying conference call to be shared closer to the date.