LOS ANGELES–(Business enterprise WIRE)–Sandbridge Acquisition Company (NYSE: SBG) (“Sandbridge”) introduced that its stockholders have accredited all proposals similar to the beforehand announced company mix (the “Business Combination”) with Owlet Little one Care Inc. (“Owlet”) at a unique meeting of stockholders held on July 14, 2021. About 92% of the votes cast at the meeting on the Business Combination proposal, symbolizing somewhere around 79% of Sandbridge’s excellent shares, voted to approve the Enterprise Blend.
The closing of the Business enterprise Blend is expected to take place on or about July 15, 2021. Adhering to the closing, the put together business will work as Owlet, Inc. and its shares of Course A popular stock and warrants are anticipated to trade on the New York Inventory Trade beginning July 16, 2021 underneath the symbols “OWLT” and “OWLT WS,” respectively.
Sandbridge has gained elections to redeem about 19.8 million of its excellent shares, which will leave close to $32.4 million in its have faith in account. Mixed with the $130. million in predicted gross proceeds from a concurrent private placement, there will be approximately $135.7 million of dollars readily available to the blended organization from the transaction, soon after deducting transaction service fees and bills. As a consequence of the redemptions, Owlet has waived the requirement that the total income proceeds obtainable from the have confidence in account, immediately after redemptions and deducting deferred underwriting costs and Sandbridge’s transaction expenses, equal or exceed $140 million.
About Sandbridge Acquisition Company
Sandbridge Acquisition Corporation (NYSE: SBG) is a distinctive function acquisition business with a team that features experienced sector operators and traders who have partnered with leading significant-advancement buyer companies, which includes Thom Browne, Rossignol, The RealReal, Farfetch and Hydrow.
For more information and facts, you should stop by www.sandbridgeacquisition.com.
About Owlet Baby Treatment
Owlet Newborn Treatment Inc. was established by a crew of dad and mom in 2012. Owlet’s mission is to empower mom and dad with the appropriate details at the proper time, to give them much more peace of intellect and support them locate far more pleasure in the journey of parenting. Owlet’s electronic parenting system aims to give mom and dad true-time information and insights to aid mothers and fathers come to feel much more relaxed and self-confident. Owlet believes that each and every parent warrants peace of intellect and the possibility to experience their very well-rested finest. Owlet also thinks that just about every kid justifies to are living a extended, pleased, and healthy daily life, and is functioning to develop solutions to support aid that belief.
Specific statements, estimates, targets and projections in this press release may well be regarded as forward-searching statements. Forward-wanting statements usually relate to long run occasions or Sandbridge’s or Owlet’s future monetary or operating efficiency. In some situations, you can recognize forward-wanting statements by terminology this kind of as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these conditions or variations of them or very similar terminology. These forward-on the lookout statements are issue to pitfalls, uncertainties, and other variables which could result in true results to vary materially from all those expressed or implied by this sort of ahead-wanting statements.
These ahead-searching statements are based mostly on estimates and assumptions that, though thought of realistic by Sandbridge and its administration, and Owlet and its administration, as the circumstance may be, are inherently uncertain. Aspects that could cause real outcomes to differ materially from present expectations involve, but are not constrained to: the incidence of any function, adjust or other conditions that could give rise to the termination of any definitive agreements with regard to the proposed enterprise mixture the consequence of any authorized proceedings that could be instituted in opposition to Sandbridge, Owlet, the mixed company or other folks pursuing the announcement of the proposed business mix and any definitive agreements with respect thereto the incapability to total the proposed organization combination because of to the failure to satisfy circumstances to closing variations to the proposed framework or conditions of the proposed company combination that may well be necessary or proper as a outcome of relevant guidelines or regulations or in reaction to marketplace reaction to the announcement of the transaction the ability to meet up with inventory exchange listing requirements at or adhering to the consummation of the proposed small business blend the risk that the proposed enterprise combination disrupts present-day ideas and operations of Owlet as a final result of the announcement and consummation of the proposed business mix, and as a final result of the publish-transaction business being a publicly mentioned issuer the capability to acknowledge the anticipated benefits of the proposed company mixture, which could be affected by, among the other items, opposition, the regulatory pathway for Owlet goods and responses from regulators, which includes the U.S. Meals and Drug Administration and comparable regulators outside of the United States, the potential of the mixed company to develop and deal with development profitably, retain associations with shoppers and suppliers and keep Owlet’s administration and key workforce charges linked to the proposed business enterprise blend, including prices affiliated with the submit-transaction organization remaining a publicly stated issuer changes in relevant rules or restrictions the risk that Owlet or the blended organization may possibly be adversely influenced by other financial, organization, regulatory and/or competitive aspects Owlet’s estimates of expenditures and profitability the evolution of the marketplaces in which Owlet competes the capability of Owlet to employ its strategic initiatives and carry on to innovate its current solutions the potential of Owlet to protect its mental residence and fulfill regulatory specifications the effect of the COVID 19 pandemic on Owlet’s business enterprise the limited functioning background of Owlet and other challenges and uncertainties established forth in the part entitled “Risk Factors” and “Cautionary Notice Relating to Forward-Searching Statements” in the definitive proxy statement/prospectus for the proposed business enterprise mix transaction dated June 21, 2021 and other paperwork to be filed with the SEC by Sandbridge.
Nothing in this press release ought to be regarded as a representation by any man or woman that the forward-wanting statements established forth herein will be accomplished or that any of the contemplated success of these kinds of forward-wanting statements will be reached. You must not place undue reliance on ahead-hunting statements, which communicate only as of the date they are designed. Neither Sandbridge nor Owlet undertakes any obligation to update these forward-on the lookout statements.