Tuesday, February 16, 2021

Owlet Goes Public Via SPAC

Los Angeles-based baby monitoring device maker Owlet Baby Care is going public via a special purpose acquisition (SPAC), the company announced this morning. According to Owlet, it is merging with Sandbridge Acquisition Corporation, a special purpose acquisition company co-sponsored by affiliates of Sandbridge Capital and PIMCO private funds. Owlet said it expects to trade on the New York Stock Exchange under the symbol OWLT after the dea. The combined company has an initial enterprise value of approximately $1,074 million, with an estimated $325M in cash. Owlet makes baby monitoring devices, including its popular Owlet Smart Sock baby monitor, which provides a the heart rate, oxygen levels, and sleep patterns of babies using a special sock The company also makes a camera and linked smartphone apps.