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Utah Life Sciences News & Events

Owlet to Begin Trading on the New York Stock Exchange

July 22, 2021

Owlet on July 15 announced that it completed its business combination with Sandbridge Acquisition Corporation, a special purpose acquisition company (SPAC) as previously announced in February. Following the transaction, the company was renamed Owlet, Inc, and its Class A common stock and warrants began trading on the New York Stock Exchange under the symbols “OWLT” and “OWLT WS”, respectively on July 16, 2021.

The business combination and concurrent private placement provide over $135 million to accelerate the Company’s expansive product pipeline, deepen penetration, and expand globally. The private placement funds are in addition to the $235 million held in a SPAC trust account to bring post-transaction equity value of the combined company to $1.389 billion. Owlet has built a a connected and accessible nursery ecosystem that brings technology and vital data to modern parenting.

“Since day one at Owlet, we have been dedicated to helping parents find joy and extra peace of mind in parenting, informed by technology and health data, ” said Kurt Workman, Co-Founder and CEO of Owlet. “This important transaction further strengthens Owlet’s balance sheet as we continue to grow, execute on our vision, and establish Owlet as the connected care platform for new families.”

“The transaction certainly confirms the marketability of Owlet’s strategic plans,” said Kelvyn Cullimore, CEO of BioUtah. “I believe they may be the first home grown Utah biotech company to be listed on the NYSE. Congratulations to the Owlet team!”

The company’s bestselling flagship product, the Owlet Smart Sock baby monitor, uses proprietary and innovative pulse-oximetry technology to track a baby’s heart rate, oxygen levels and sleep patterns to provide parents with invaluable peace of mind. The Owlet Smart Sock is a part of Owlet’s connected suite of products, which also includes the Owlet Cam and Owlet Dream Lab, which combine to uniquely allow for the information parents look for during some of the most crucial moments of their child’s developmental journey.

Owlet is targeting a large and growing potential addressable market estimated to reach up to $81 billion by 2025.