Sandbridge Acquisition Corporation

Sandbridge Acquisition Corporation was a special purpose acquisition company (SPAC) incorporated in Delaware on June 23, 2020. The entity was established by Sandbridge Capital, a private equity firm, with the explicit purpose of effecting a merger, asset acquisition, or other business combination with a target company. The management team included CEO and Chairman Ken Suslow, the Founding Managing Partner of Sandbridge Capital, and CFO Richard Henry, a Principal at the same firm. Their strategy leveraged the team's extensive experience in the consumer sector to identify high-growth brands poised to benefit from digitization and omni-channel transformation.

The company's business model was that of a blank check company. It raised capital from public investors through an initial public offering (IPO) with the sole intention of acquiring a private company, thereby taking it public. On September 15, 2020, Sandbridge Acquisition Corporation completed its IPO on the New York Stock Exchange (NYSE), raising $230 million. The funds were held in a trust account while the management team searched for a suitable acquisition target, focusing on sectors like modern consumer brands, beauty, luxury, and health and wellness.

After evaluating potential opportunities, Sandbridge announced its definitive merger agreement with Owlet Baby Care Inc. on February 15, 2021. Owlet, founded in 2012, specializes in digital parenting platforms, including its flagship Smart Sock monitor that tracks an infant's heart rate and oxygen levels. The transaction valued the combined entity at over $1 billion. The merger was finalized on July 15, 2021, after which Sandbridge Acquisition Corporation ceased to exist as a separate entity. The newly combined company was renamed Owlet, Inc., and its stock began trading on the NYSE under the ticker symbol "OWLT".

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