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Sandbridge Acquisition Corporation (NYSE: SBG) announced that approximately 92% of stockholders approved its business combination with Owlet Baby Care Inc. at a special meeting on July 14, 2021. The closing is expected on July 15, 2021, allowing the combined entity to operate as Owlet, Inc., trading under the ticker 'OWLT'. Following the transaction, approximately $135.7 million will be available to the combined company after redemptions and private placements, despite Owlet waiving an initial cash requirement of $140 million due to 19.8 million shares redeemed.
Owlet Baby Care Inc. reported its 2020 financial results and highlighted key developments, including the launch of the next-generation Smart Sock. Over 1.5 million parents trust Owlet, reflecting strong customer satisfaction and revenue growth. The company introduced its Dream Lab online platform and saw significant sales growth of the Owlet Cam. In February, Owlet announced a merger with Sandbridge Acquisition Corporation (NYSE: SBG), with a Registration Statement on Form S-4 filed with the SEC for regulatory approval. The company aims to continue enhancing its product offerings to meet increasing market demand.
Owlet Baby Care announced the appointment of Zane Burke to its Board of Directors. Burke, a health tech leader with over 20 years of experience, previously served as CEO of Livongo, leading it through a significant IPO and merger. His expertise in health technology will enhance Owlet's mission to improve infant health. The move comes as Owlet prepares for its merger with Sandbridge Acquisition Corporation (SBG), aiming to innovate in pediatric care. Burke's leadership is expected to be pivotal in advancing Owlet's goals in this transformative period.
