Owlet, Inc. Announces NYSE Acceptance of Continued Listing Compliance Plan
July 11 2023 - 7:30AM
Business Wire
Owlet, Inc. (NYSE: OWLT) (“Owlet” or the “Company”) today
announced that the New York Stock Exchange (“NYSE”) has accepted
the Company’s business plan to regain compliance with the continued
listing standards set forth in Section 802.01B of the NYSE Listed
Company Manual.
"We’re proud of our team’s great progress towards our goals of
profitability, sustainable growth and long-term category
leadership,” said Kurt Workman, Chief Executive Officer and
cofounder of Owlet. “With the recent receipt of clearance from the
U.S. Food and Drug Administration (“FDA”) of BabySatTM, Owlet’s
first medical pulse-oximetry device featuring its advanced,
wire-free sock design, we believe Owlet is paving the way for
digital health technology to have an impact in pediatrics. We
believe home monitoring will become ubiquitous and that Owlet's
platform will play a key role in this large and growing
category."
As previously disclosed, on April 4, 2023, the Company received
written notice (the “Notice”) from the NYSE that the Company was
not in compliance with listing standards set forth in Section
802.01B of the NYSE Listed Company Manual because the Company’s
average global market capitalization over a consecutive 30
trading-day period was less than $50 million and, at the same time,
its stockholders’ equity was less than $50 million.
Based upon a review of the compliance plan and information
submitted by the Company, the NYSE has accepted the submission. In
accordance with NYSE rules, the Company will now be given an
18-month cure period from the date of the Notice to regain
conformity with continued listing standards by having stockholders’
equity of at least $50 million or by having an average global
market capitalization over a consecutive 30 trading-day period of
at least $50 million. The Company’s Class A common stock (“Common
Stock”) will continue to be listed on the NYSE during such time,
subject to the Company’s compliance with other continued listing
standards. The Company will also be subject to quarterly monitoring
by the NYSE for compliance with the plan. If the Company fails to
comply with the plan or does not meet continued listing standards
at the end of the cure period, it will be subject to the prompt
initiation of NYSE suspension and delisting procedures.
As previously announced, a 1-for-14 reverse stock split
(“Reverse Split”) of the Common Stock became effective on July 7,
2023, and the Common Stock began trading on the NYSE on a
split-adjusted basis at the market open on July 10, 2023. The
Company expects that the Reverse Split will allow the Company to
regain compliance with the $1.00 minimum average closing price
requirement of the NYSE.
About Owlet, Inc.
Owlet was founded by a team of parents in 2012. Owlet’s mission
is to empower parents with the right information at the right time,
to give them more peace of mind and help them find more joy in the
journey of parenting. Owlet’s digital parenting platform aims to
give parents real-time data and insights to help parents feel
calmer and more confident. Owlet believes that every parent
deserves peace of mind and the opportunity to feel their
well-rested best. Owlet also believes that every child deserves to
live a long, happy, and healthy life, and is working to develop
products to help further that belief. To learn more, visit
www.owletcare.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
(the “Reform Act”). All statements contained in this press release
that do not relate to matters of historical fact should be
considered forward-looking statements, including, without
limitation, statements regarding the Company’s ability to return to
compliance with the NYSE continued listing standards, the Reverse
Split and the timing thereof and Owlet’s progress towards
profitability, sustainable growth and long-term category leadership
and key role in the home monitoring category. In some cases, you
can identify forward-looking statements by terms such as
“estimate,” “may,” “believes,” “plans,” “expects,” “anticipates,”
“intends,” “goal,” “potential,” “upcoming,” “outlook,” “guidance,”
the negation thereof, or similar expressions, although not all
forward-looking statements contain these identifying words.
Forward-looking statements are based on the Company’s expectations
at the time such statements are made, speak only as of the dates
they are made and are susceptible to a number of risks,
uncertainties and other factors. For all such forward-looking
statements, the Company claims the protection of the safe harbor
for forward-looking statements contained in the Reform Act. The
Company’s actual results, performance or achievements may differ
materially from any future results, performance or achievements
expressed or implied by our forward-looking statements. Many
important factors could affect the Company’s future results and
cause those results to differ materially from those expressed in or
implied by the Company’s forward-looking statements. Such factors
include, but are not limited to, the Company’s ability to execute
the business plan accepted by the NYSE, the Company’s ability to
regain and maintain compliance with the continued listing standards
of the NYSE, market conditions and their impact on the trading
price of the Common Stock and other risks and uncertainties set
forth in the Company’s other releases, public statements and
filings with the U.S. Securities and Exchange Commission, including
those identified in the “Risk Factors” section of the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2022, as updated in the Company’s Quarterly Report on Form 10-Q for
the quarterly period ended March 31, 2023 and as any such factors
may be updated from time to time in the Company’s other filings
with the SEC. All such forward-looking statements attributable to
the Company or any person acting on the Company’s behalf are
expressly qualified in their entirety by the cautionary statements
contained or referred to above. Moreover, the Company operates in
an evolving environment. New risk factors and uncertainties may
emerge from time to time, and factors that the Company currently
deems immaterial may become material, and it is impossible for the
Company to predict such events or how they may affect Owlet. Except
as required by law, the Company assumes no obligation to update any
forward-looking statements after the date of this press release,
whether because of new information, future events or otherwise,
although Owlet may do so from time to time. The Company does not
endorse any projections regarding future performance that may be
made by third parties.
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Investors and Media Mike Cavanaugh Westwicke/ICR Phone:
+1.617.877.9641 mike.cavanaugh@westwicke.com
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