Owlet, a Provo-based nursery technology company, has begun trading on the New York Stock Exchange following its merger with Sandbridge Acquisition Corp., a special purpose acquisition company based in California. The merger and concurrent private placement, which were approved by Sandbridge’s stockholders at its special meeting held on July 14, provide over $135 million to accelerate the company’s expansive product pipeline, deepen penetration and expand globally, Owlet said.
Following the transaction, the company was renamed Owlet Inc., and its Class A common stock and warrants began trading on the NYSE under the symbols “OWLT” and “OWLT WS” on July 16. The stock opened at $8.95 per share. By the end of the first day, the stock price had risen to $9.10 with a daily average of $9.38.
“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. We reported strong results for the first quarter 2021 and we’re looking forward to sharing our second quarter 2021 results in August, showing our continued business momentum with year-over-year revenue growth and gross margin expansion.”
Owlet’s bestselling flagship product, the Owlet Smart Sock baby monitor, uses proprietary pulse-oximetry technology to track a baby’s heart rate, oxygen levels and sleep patterns to provide parents with 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 allow for the information parents look for during some of the most crucial moments of their child’s development. The combined company will continue to be led by Workman and his executive team, including Kate Scolnick as chief financial officer, Michael Abbott as president, Zack Bomsta as chief technology officer, Jordan Monroe as chief innovation officer, Caryn Johnson as chief marketing officer, Abhi Bhatt as senior vice president of product, Jared Anderson as senior vice president of sales and Burc Sahinoglu as vice president of engineering.
