This means one of the Punks has disconnected from the other. This could be due to the other Punk not turned ON so please check if both devices LEDs are flashing. If only one Punk is flashing please proceed to turn the Punk ON or charge the unit if the power has run out.
If your Punks are both flashing Blue and Red, don’t worry, they are programmed to automatically connect back to each other, and only each other. Please wait around 10 seconds for them to automatically pair back to each other. If you’re still having trouble please ensure you haven’t mixed up your Punks with someone else's as your Right Punk will not Pair to their Left Punk.
This is common to happen just after a factory reset, but the devices should always pair back to each other within a couple of seconds.