Jesus' parable of the ten virgins is that of bridesmaids in a wedding party, some of whom were not prepared for the bridegroom’s arrival at midnight with oil in their lamps for the procession. These represent those in the visible church who lack the Holy Spirit at Jesus’ return.
This parable is one exhorting preparedness and another imperative not to sleep. For believers who are prepared, Jesus exhorts us to stay spiritually awake to prepare the bride and welcome the bridegroom upon His return. For unbelievers, the exhortation to stay awake is even more important, as sleep would be ultimately damning should the bridegroom arrive to them unprepared without oil in their lamps.