Hims & Hers Health, Inc. Closes Business Combination and Wil Begin Trading on the New York Stock Exchange
Hims & Hers Health Inc (“Hims & Hers”), a multi-specialty telehealth platform, announced that it has closed its business combination with Oaktree Acquisition Corp., a special purpose acquisition company sponsored by an affiliate of Oaktree Capital Management. The transaction, which was approved by Oaktree’s shareholders on January 19, 2021, uniquely positions Hims & Hers to lead the rapidly growing telehealth industry. Beginning January 21, 2021, the company’s shares of Class A common stock will trade on the New York Stock Exchange under the symbol “HIMS,” and its warrants will trade on the NYSE under the symbol “HIMS WS.”
“We drove tremendous progress in 2020 toward our mission of becoming the front door to the healthcare system,” said Hims CEO and Co-founder Andrew Dudum. “Today’s milestone brings us even closer to making modern, affordable care accessible to more Americans. By providing a seamless patient experience combined with proprietary technology, we intend to transform many of healthcare’s most important categories, including primary care and mental health.”
Dudum will continue to lead Hims & Hers as its CEO, alongside its highly experienced executive team.
In October, Hims shared that it had experienced year-over-year Q3 revenue growth of 91%. The company also ended Q3 2020 with an increase in gross margins to 76%, as well as growth in net orders and average order value.
As a result of the business combination, Hims & Hers received proceeds of approximately $279.5 million, prior to transaction expenses, which includes cash proceeds of approximately $204.5 million from Oaktree Acquisition Corp’s trust account and $75 million from private placement (PIPE) investors.
Leading existing institutional backers of Hims & Hers include Founders Fund, Forerunner Ventures, IVP, McKesson Ventures, Redpoint Ventures, Thrive Capital, and Canadian Pension Plan. Other investors include 8VC, Atomic, Cherubic Ventures, Define Ventures, Maverick Ventures, NewView Capital, and SV Angel. In addition, Hims & Hers’ current management and existing equity holders have rolled between 90% and 100% of their equity into the combined company.
Read the full press release here.
See additional coverage in:
- Cheddar (Article 1) (Article 2)
- Fast Company
- Healthcare Dive
- Investor Place
- MedCity News
- Mobi Health News
- WTF Health Podcast
- Yahoo! Finance