sed '2,$s/^[0-9]/#&/g' input | xargs | tr '#' '\n'
---------- Post updated at 11:42 AM ---------- Previous update was at 11:35 AM ----------
@Scruti
I tried your code on a linux machine : the result is still printed in only one line
$ cat input
09:43:46,538 INFO first text
10:45:46,538 INFO second
text
11:00:46,538 INFO third
more
text
$ awk 'END{print RS} /^[0-9]{2}:[0-9]{2}:[0-9]{2}/&& NR>1{print RS}1' ORS= input
09:43:46,538 INFO first text10:45:46,538 INFO second text11:00:46,538 INFO third more text
$ awk --posix 'END{print RS} /^[0-9]{2}:[0-9]{2}:[0-9]{2}/&& NR>1{print RS}1' ORS= input
awk: not an option: --posix
$ awk 'END{print RS} /^[0-9][0-9]:[0-9][0-9]:[0-9][0-9]/&& NR>1{print RS}1' ORS= input
09:43:46,538 INFO first text
10:45:46,538 INFO second text
11:00:46,538 INFO third more text
---------- Post updated at 01:36 PM ---------- Previous update was at 01:20 PM ----------