Sandbridge Acquisition in an 8-K filing said its shareholders approved the proposed merger with Owlet Baby Care. The vote was 20,926,057 shares in favor of the acquisition with 356,237 against. However, the SPAC noted that 19,758,773 shares were redeemed ahead of the vote, leaving $32.4 million in trust. After deferred underwriting commissions and expenses, Sandbridge said it now has about $15 million of available cash, a shortfall of $125 million. The SPAC is expecting a $130 million PIPE, which would boost the available cash to approximately $135.7 million after expenses.
Owlet, the SPAC said, has agreed to waive the $140 million minimum cash requirement outlined in the merger agreement.
Owlet unites technology with infant care through monitoring products that enable parents to track a baby’s heart rate, oxygen levels and sleep patterns with connections to digital cameras and smart phone apps. Read more.
