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Sandbridge Acquisition Corporation (NYSE:SBG) ("Sandbridge") announced that its stockholders have approved all proposals related to the previously announced business combination (the "Business Combination") with Owlet Baby Care Inc. ("Owlet") at a special meeting of stockholders held on July 14, 2021. Approximately 92% of the votes cast at the meeting on the Business Combination proposal, representing approximately 79% of Sandbridge's outstanding shares, voted to approve the Business Combination.
The closing of the Business Combination is anticipated to occur on or about July 15, 2021. Following the closing, the combined company will operate as Owlet, Inc. and its shares of Class A common stock and warrants are expected to trade on the New York Stock Exchange beginning July 16, 2021 under the symbols "OWLT" and "OWLT WS," respectively.
Sandbridge has received elections to redeem approximately 19.8 million of its outstanding shares, which will leave approximately $32.4 million in its trust account. Combined with the $130.0 million in expected gross proceeds from a concurrent private placement, there will be approximately $135.7 million of cash available to the combined company from the transaction, after deducting transaction fees and expenses. As a result of the redemptions, Owlet has waived the requirement that the total cash proceeds available from the trust account, after redemptions and deducting deferred underwriting fees and Sandbridge's transaction expenses, equal or exceed $140 million.
Posted In: SBG
