%
| ||||||||
Owlet equityholders (1) |
90,791,573
|
80.5
|
%
| |||||
Sandbridge's public stockholders
|
3,241,227
|
2.9
|
%
| |||||
Sponsor & related parties (2) |
5,750,000
|
5.1
|
%
| |||||
PIPE investors
|
13,000,000
|
11.5
|
%
| |||||
Pro Forma Owlet Common Stock at Closing
|
112,782,800
|
100.0
|
%
|
Sandbridge
(historical)
|
Owlet Baby
Care Inc.
(historical)
|
Transaction
Accounting
Adjustments
|
Pro Forma
Combined
| |||||||||||||||||
Assets
| ||||||||||||||||||||
Current assets:
| ||||||||||||||||||||
Cash and cash equivalents
|
$
|
827
|
$
|
12,811
|
$
|
230,090
|
(1
|
)
| ||||||||||||
130,000
|
(2
|
)
| ||||||||||||||||||
(27,602
|
)
|
(3
|
)
| |||||||||||||||||
(197,588
|
)
|
(13
|
)
| |||||||||||||||||
(9,900
|
)
|
(14
|
)
|
138,638 | ||||||||||||||||
Accounts receivable, net
|
12,769
|
12,769
| ||||||||||||||||||
Inventory
|
10,583
|
10,583
| ||||||||||||||||||
Capitalized transaction costs
|
3,160
|
(3,160
|
)
|
(12
|
)
|
-
| ||||||||||||||
Prepaid expenses and other current assets
|
287
|
1,612
|
1,899 | |||||||||||||||||
Total current assets
|
$
|
1,114
|
$
|
40,935
|
$
|
121,840 |
$
|
163,889 | ||||||||||||
Cash and marketable securities held in trust
account
|
230,090
|
-
|
(230,090
|
)
|
(1
|
)
|
-
| |||||||||||||
Property and equipment, net
|
1,599
|
1,599
| ||||||||||||||||||
Intangible assets, net
|
590
|
590
| ||||||||||||||||||
Other noncurrent assets
|
189
|
189
| ||||||||||||||||||
Total assets
|
$
|
231,204
|
$
|
43,313
|
$
|
(108,250 |
)
|
$
|
166,267 | |||||||||||
Liabilities, redeemable convertible preferred stock, and stockholders' deficit
| ||||||||||||||||||||
Current liabilities:
| ||||||||||||||||||||
Accounts payable
|
19,341
|
19,341 | ||||||||||||||||||
Accrued and other expenses
|
3,456
|
10,440
|
13,896
| |||||||||||||||||
Deferred revenues
|
1,573
|
1,573
| ||||||||||||||||||
Line of credit
|
12,500
|
12,500
| ||||||||||||||||||
Related party convertible notes payable, current portion
|
7,019
|
(7,019
|
)
|
(7
|
)
|
-
| ||||||||||||||
Long-term debt, current portion
|
3,563
|
3,563
| ||||||||||||||||||
Total current liabilities
|
$
|
3,456
|
$
|
54,436
|
$
|
(7,019 |
)
|
$
|
50,873 | |||||||||||
Deferred rent, net of current portion
|
301
|
301
| ||||||||||||||||||
Long-term deferred revenues, net of current portion
|
152
|
152
| ||||||||||||||||||
Long-term debt, net of current portion
|
8,416
|
8,416
| ||||||||||||||||||
Preferred stock warrant liability
|
7,601
|
(7,601
|
)
|
(8
|
)
| |||||||||||||||
Warrant liability
|
18,462
|
18,462
| ||||||||||||||||||
Other long-term liabilities
|
13
|
13
| ||||||||||||||||||
Deferred underwriting fee payable
|
8,050
|
(8,050
|
)
|
(3
|
)
|
-
| ||||||||||||||
Total liabilities
|
$
|
29,968
|
$
|
70,919
|
$
|
(22,670 |
)
|
$
|
78,217 | |||||||||||
Commitments and contingencies
| ||||||||||||||||||||
Redeemable convertible series A and series A-1 preferred stock
|
23,652
|
(23,652
|
)
|
(9
|
)
|
-
| ||||||||||||||
Redeemable convertible series B and series B-1 preferred stock
|
23,536
|
(23,536
|
)
|
(9
|
)
|
-
| ||||||||||||||
Class A common stock subject to redemption
|
196,236
|
(196,236
|
)
|
(4
|
)
|
-
| ||||||||||||||
Stockholders' equity (deficit)
| ||||||||||||||||||||
Class A common stock
|
1
|
1
|
(2
|
)
| ||||||||||||||||
2
|
(4
|
)
| ||||||||||||||||||
10
|
(5
|
)
| ||||||||||||||||||
1
|
(11
|
)
| ||||||||||||||||||
(9
|
)
|
(10
|
)
| |||||||||||||||||
(2
|
)
|
(13
|
)
|
4
| ||||||||||||||||
Class B common stock
|
1
|
(1
|
)
|
(11
|
)
|
-
| ||||||||||||||
Additional paid-in capital
|
11,729
|
4,780
|
129,999
|
(2
|
)
| |||||||||||||||
(11,237
|
)
|
(3
|
)
| |||||||||||||||||
196,234
|
(4
|
)
| ||||||||||||||||||
(10
|
)
|
(5
|
)
| |||||||||||||||||
(6,730
|
)
|
(6
|
)
| |||||||||||||||||
7,019
|
(7
|
)
| ||||||||||||||||||
7,601
|
(8
|
)
| ||||||||||||||||||
1,000,000
|
(10
|
)
| ||||||||||||||||||
(999,991
|
)
|
(10
|
)
| |||||||||||||||||
47,188
|
(9
|
)
| ||||||||||||||||||
(3,160
|
)
|
(12
|
)
| |||||||||||||||||
(197,586
|
)
|
(13
|
)
| |||||||||||||||||
(1,059
|
)
|
(14
|
)
|
184,777
| ||||||||||||||||
Accumulated deficit
|
(6,730
|
)
|
(79,575
|
)
|
6,730
|
(6
|
)
| |||||||||||||
(8,315
|
)
|
(3
|
)
| |||||||||||||||||
(8,841
|
)
|
(14
|
)
|
(96,731
|
)
| |||||||||||||||
Total stockholders' equity (deficit)
|
$
|
5,000
|
$
|
(74,794
|
)
|
$
|
157,844
|
$
|
88,050
| |||||||||||
Total liabilities, redeemable convertible preferred stock, redeemable common stock and stockholders' equity (deficit)
|
$
|
231,204
|
$
|
43,313
|
$
|
(108,250 |
)
|
$
|
166,267 |
For the
Three
Months
Ended
March 31,
2021
|
For the
Three
Months
Ended
March 31,
2021
|
For the Three Months Ended
March 31, 2021
| ||||||||||||||||||
Sandbridge
(historical)
|
Owlet Baby
Care Inc.
(historical)
|
Transaction
Accounting
Adjustments
|
Pro Forma Combined | |||||||||||||||||
Revenues
|
$
|
21,911
|
$
|
21,911
| ||||||||||||||||
Cost of revenues
|
9,228
|
9,228
| ||||||||||||||||||
Gross profit
|
12,683
|
12,683
| ||||||||||||||||||
Operating expenses:
| ||||||||||||||||||||
General and administrative
|
3,588
|
5,981
|
9,569
| |||||||||||||||||
Sales and marketing
|
6,118
|
6,118
| ||||||||||||||||||
Research and development
|
3,432
|
3,432
| ||||||||||||||||||
Total operating expenses
|
3,588
|
15,531
|
19,119
| |||||||||||||||||
Other income (expense):
| ||||||||||||||||||||
Interest expense
|
(417
|
)
|
85
|
(2A
|
)
|
(332
|
)
| |||||||||||||
Interest income
|
-
|
-
| ||||||||||||||||||
Preferred stock warrant liability mark to market
|
(4,608
|
)
|
4,608
|
(3A
|
)
| |||||||||||||||
Warrant liability mark to market
|
5,068
|
5,068
| ||||||||||||||||||
Other income (expenses), net
|
37
|
21
|
(37
|
)
|
(1A
|
)
|
21
| |||||||||||||
Stock option cash out liability mark to market expense
|
(8,841
|
)
|
(5A
|
)
|
(8,841
|
)
| ||||||||||||||
Total other income (expense), net
|
5,105
|
(5,004
|
)
|
(4,185
|
)
|
(4,084
|
)
| |||||||||||||
Loss before income tax provision
|
1,517
|
(7,852
|
)
|
(4,185
|
)
|
(10,520
|
)
| |||||||||||||
Income tax provision
|
-
|
(5
|
)
|
(4A
|
)
|
(5
|
)
| |||||||||||||
Net loss
|
$
|
1,517
|
$
|
(7,857
|
)
|
$
|
(4,185
|
)
|
$
|
(10,525
|
)
| |||||||||
Net loss per share
attributable to common
stockholders, Class A
redeemable common
stock, basic and
diluted |
$
|
-
|
$
|
(0.73
|
)
|
$
|
-
|
$
|
(0.10
|
)
| ||||||||||
Net income per share
attributable to common
stockholders, Class B
non-redeemable
common stock, basic
and diluted
|
$
|
0.26
|
$
|
-
|
$
|
-
|
$
|
-
| ||||||||||||
Weighted-average
number of shares
outstanding of Class A
redeemable common
stock used to compute
net loss per share
attributable to common
stockholders, basic and
diluted
|
23,000,000
|
10,828,882
|
70,396,418 |
(5A
|
)
|
109,975,300
| ||||||||||||||
Weighted-average
number of shares
outstanding of Class A
and Class B
non-redeemable
common stock used to
compute net loss per
share attributable to
common stockholders,
basic and diluted
|
5,750,000
|
June 23,
2020
(inception
to
December
31, 2020
|
For the
Year Ended
December
31, 2020
|
For the Year Ended
December 31, 2020
| ||||||||||||||||||
Restated
Sandbridge (historical)
|
Owlet Baby
Care Inc.
(historical)
|
Transaction
Accounting
Adjustment s |
Pro Forma
Combined
| |||||||||||||||||
Revenues
|
$
|
75,403
|
$
|
75,403
| ||||||||||||||||
Cost of revenues
|
39,526
|
39,526
| ||||||||||||||||||
Gross profit
|
35,877
|
35,877
| ||||||||||||||||||
Operating expenses:
| ||||||||||||||||||||
General and administrative
|
480
|
13,140
|
13,620
| |||||||||||||||||
Sales and marketing
|
19,263
|
19,263
| ||||||||||||||||||
Research and development
|
10,465
|
10,465
| ||||||||||||||||||
Total operating expenses
|
480
|
42,868
|
43,348
| |||||||||||||||||
Other income (expense):
| ||||||||||||||||||||
Interest expense
|
(1,420
|
)
|
434
|
(2A
|
)
|
(986
|
)
| |||||||||||||
Interest income
|
38
|
38
| ||||||||||||||||||
Preferred stock warrant liability mark to market
|
(1,952
|
)
|
1,952
|
(3A
|
)
| |||||||||||||||
Warrant liability mark to market
|
(7,240
|
)
|
(7,240
|
)
| ||||||||||||||||
Other income (expenses), net
|
(527
|
)
|
(176
|
)
|
(53
|
) |
(1A
|
)
|
(756
|
)
| ||||||||||
Total other income (expense), net
|
(7,767
|
)
|
(3,510
|
)
|
2,333
|
(8,944
|
)
| |||||||||||||
Loss before income tax provision
|
(8,247
|
)
|
(10,501
|
)
|
2,333
|
(16,415
|
)
| |||||||||||||
Income tax provision
|
(20
|
)
|
(4A
|
)
|
(20
|
)
| ||||||||||||||
Net loss
|
$
|
(8,247
|
)
|
$
|
(10,521
|
)
|
$
|
2,333
|
$
|
(16,435
|
)
| |||||||||
Net loss per share
attributable to common
stockholders, Class A
redeemable common
stock, basic and
diluted |
$
|
-
|
$
|
(0.98
|
)
|
$
|
-
|
$
|
(0.15
|
)
| ||||||||||
Net loss per share
attributable to common
stockholders, Class B
non-redeemable
common stock, basic
and diluted
|
$
|
(1.51
|
)
|
$
|
-
|
$
|
-
|
$
|
-
| |||||||||||
Weighted-average
number of shares
outstanding of Class A
redeemable common
stock used to compute
net loss per share
attributable to common
stockholders, basic and
diluted
|
23,000,000
|
10,693,984
|
70,846,233 |
109,975,300
| ||||||||||||||||
Weighted-average
number of shares
outstanding of Class A
and Class B
non-redeemable
common stock used to
compute net loss per
share attributable to
common stockholders,
basic and diluted
|
5,435,083
|
1.
|
Basis of Presentation
|
• |
Sandbridge's unaudited Condensed Balance Sheet as of March 31, 2021 and the related notes for the period ended March 31, 2021, included in Sandbridge's Quarterly Report on Form 10-Q filed on May 27, 2021; and
|
• |
Old Owlet's unaudited Condensed Consolidated Balance Sheet as of March 31, 2021 and the related notes for the quarter ended March 31, 2021, incorporated into the Current Report on Form 8-K to which this Exhibit 99.1 is attached from the Proxy Statement/Prospectus.
|
• |
Sandbridge's audited Statement of Operations restated for the period from June 23, 2020 (inception) through December 31, 2020 included in Sandbridge's amended Annual Report on Form 10-K/A filed on May 26, 2021; and |
• |
Old Owlet's audited Consolidated Statement of Operations for the year ended December 31, 2020 and the related notes, incorporated into the Current Report on Form 8-K to which this Exhibit 99.1 is attached from the Proxy Statement/Prospectus.
|
• |
Sandbridge's unaudited Condensed Statement of Operations for the three months ended March 31, 2021, and the related notes, included in Sandbridge's Quarterly Report on Form 10-Q filed on May 27, 2021; and
|
• |
Old Owlet's unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2021 and the related notes, incorporated into the Current Report on Form 8-K to which this Exhibit 99.1 is attached from the Proxy Statement/Prospectus.
|
2.
|
Accounting Policies
|
3.
|
Adjustments to Unaudited Pro Forma Condensed Combined Financial Information
|
4.
|
Loss per Share
|
Pro Forma Basic and Diluted Loss Per Share |
For the Three Months
Ended March 31, 2021
|
Twelve Months Ended
December 31, 2020
| ||||||
Pro Forma net loss attributable to stockholders
|
$
|
(10,525
|
)
|
$
|
(16,435
|
)
| ||
Weighted average shares outstanding, basic and diluted
|
109,975
|
109,975
| ||||||
Basic and diluted net loss per share
|
(0.10
|
)
|
(0.15
|
)
| ||||
Pro Forma Weighted Average Shares - Basic and Diluted | ||||||||
Shares issued to PIPE investors
|
13,000,000
|
13,000,000
| ||||||
Shares issued to pre-business combination Owlet stockholders
|
90,791,573
|
90,791,573
| ||||||
Sponsor & related parties
|
2,942,500
|
2,942,500
| ||||||
Public stockholders (after redemption of 19,758,773 shares)
|
3,241,227
|
3,241,227
|
Attachments
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Disclaimer
Sandbridge Acquisition Corp. published this content on 21 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2021 21:37:08 UTC.