1 Beaten-Up SPAC Stock to Buy Now
It's hard to argue that Owlet's (NYSE: OWLT) move into public markets went as planned. A SPAC merger with Sanbridge aimed to bring in $325 million in cash, which included $130 million from PIPE (private investment in public equity) investors. But Sandbridge's stock fell below $10 per share, and most of its investors chose to redeem their stock rather than taking shares of Owlet. As a result, Owlet ended up adding just $135.7 million in funds from the PIPE and SPAC.
Since the SPAC merger officially closed in July, shares have continued to fall and trade at $5.64 as of this writing, putting the company's market cap at about $766 million. It's with the SPAC merger behind us that I think investors need to evaluate Owlet as a public entity, and I find a lot to like about this children's health company.
Image source: Owlet.
Source Fool.com
