OWLET ALERT: Bragar Eagel & Squire, P.C. is Investigating Owlet, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm

Core Viewpoint - Bragar Eagel & Squire, P.C. is investigating potential claims against Owlet, Inc. regarding breaches of fiduciary duties by its board of directors following a class action complaint related to the company's marketing practices and regulatory compliance [1] Company Overview - Owlet, Inc. was formed through a business combination with Sandbridge and Owlet Baby Care Inc. on July 15, 2021, focusing on products that help parents monitor their children's health [2] Regulatory Issues - On October 4, 2021, Owlet disclosed that the FDA issued a warning letter indicating that its Owlet Smart Sock product qualifies as a medical device requiring premarket clearance, which the company has not obtained [3] - The FDA requested that Owlet cease the commercial distribution of the Smart Sock for specific health monitoring uses, which could lead to significant operational and financial implications for the company [3] Market Reaction - Following the FDA warning, Owlet's stock price dropped by $1.29, or 23$4.19 per share, with unusually high trading volume [3] - Investors from Sandbridge who could have opposed the business combination and redeemed shares at $10.00 per share experienced a loss of$5.81 per share due to the stock price decline [3]