Owlet Receives Notice Regarding NYSE Continued Listing Standards

Rhea-AI Summary

Owlet, Inc. (NYSE: OWLT) has received a notice from the NYSE regarding non-compliance with listing standards as its stock price fell below $1.00 for 30 consecutive trading days as of November 28, 2022. The company plans to respond to the NYSE within the required timeframe, aiming to restore compliance within six months. The stock will continue to be traded on the NYSE during this period, while management evaluates options to enhance shareholder value.

Positive

• Management is actively working to restore compliance with NYSE listing standards.
• There is a six-month cure period to regain compliance.

Negative

• The average closing price of the stock has been below $1.00 for over a month, indicating potential financial distress.
• Non-compliance with NYSE listing standards could lead to delisting if not resolved.

LEHI, Utah--(BUSINESS WIRE)-- Owlet, Inc. (NYSE: OWLT) (the “Company”) reports that on November 29, 2022, it received notice from the New York Stock Exchange (“NYSE”) that as of November 28, 2022, the average closing price of the Company’s common stock was less than $1.00 per share over a period of 30 consecutive trading days, and the Company is therefore not in compliance with Section 802.01C of the NYSE Listed Company Manual.

As required by the NYSE, the Company plans to notify the NYSE within the prescribed period of the Company’s intent to cure the deficiency and restore its compliance within six months of its receipt of the notice. The Company can regain compliance with the NYSE continued listing standards at any time during the six-month cure period if on the last trading day of any calendar month during the cure period, the Company’s common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.

The Company’s management team is evaluating all possible options to restore compliance and increase value for Company shareholders. Also, the notice has no immediate impact on the listing or trading of the Company’s shares of common stock or warrants, which will continue to be listed and traded on the NYSE during this period, subject to the Company’s compliance with other NYSE continued listing standards and other rights of the NYSE to delist the stock.

About Owlet, Inc.

Owlet was founded by a team of parents in 2012. Owlet’s mission is to empower parents with the right information at the right time, to give them more peace of mind and help them find more joy in the journey of parenting. Owlet’s digital parenting platform aims to give parents real-time data and insights to help parents feel more calm and confident. Owlet believes that every parent deserves peace of mind and the opportunity to feel their well-rested best. To learn more, visit www.owletcare.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005757/en/

Investors

Mike Cavanaugh

Westwicke/ICR

Phone: +1.617.877.9641

mike.cavanaugh@westwicke.com

Media

Jane Putnam

Owlet, Inc.

Phone: +1.801.647.0025

jputnam@owletcare.com

Source: Owlet, Inc.

FAQ

What does Owlet's non-compliance mean for shareholders?

It indicates that the stock price fell below $1.00 for 30 days, and if not resolved within six months, could lead to delisting.

How is Owlet planning to restore compliance with NYSE?

Owlet plans to notify the NYSE of its intent to cure the deficiency and is evaluating options to increase shareholder value.

What happens if Owlet does not regain compliance?

If compliance is not regained within the six-month period, Owlet's stock may be delisted from the NYSE.

When did Owlet receive the notice from NYSE?

Owlet received the notice on November 29, 2022.

What is the current trading status of Owlet's shares?

Despite the non-compliance notice, Owlet's shares will continue to be listed and traded on the NYSE.