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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.
Posted In: OWLT
