Lehi Business
Lehi based Owlet closes business combination with SPAC to begin trading on the NYSE
PRESS RELEASE: LEHI, Utah–(BUSINESS WIRE)–Owlet, Inc. (NYSE: OWLT) (“Owlet” or the “Company”), a company building a connected and accessible nursery ecosystem that brings technology and vital data to modern parenting, today announced that it has completed its business combination with Sandbridge Acquisition Corporation. (NYSE: SBG) (“Sandbridge”), a special purpose acquisition company. The business combination and concurrent private placement, which were approved by Sandbridge’s stockholders at its special meeting held on July 14, 2021, provide over $135 million to accelerate the Company’s expansive product pipeline, deepen penetration, and expand globally.
“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”
Following the transaction, the company was renamed Owlet, Inc., and its Class A common stock and warrants will begin trading on the New York Stock Exchange (“NYSE”) under the symbols “OWLT” and “OWLT WS,” respectively, on July 16, 2021.
“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 Chief Executive Officer 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 has built a connected and accessible nursery ecosystem that brings technology and vital data to modern parenting. 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.
The Company continues to pursue significant revenue upside opportunity by leveraging its proprietary data to build out its products and services, including a potential telehealth suite of recurring services. Led by a team of forward-thinking founders and seasoned management, the Company is targeting a large and growing potential addressable market estimated to reach up to $81 billion by 2025.
The combined company will be led by Kurt Workman as Chief Executive Officer, alongside its highly experienced 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.
Kurt Workman and Michael Abbott also serve on the combined company’s board of directors alongside Lior Susan, Founding Partner of Eclipse Ventures, as Chairman; Zane Burke, former CEO of Livongo; Ken Suslow, Founding Managing Partner of Sandbridge Capital; Laura Durr, former EVP and CFO at Polycom; Amy McCullough, Managing Director at Trilogy Equity Partners; and John Kim, President of Platform & Marketplaces at Expedia.
