SAN FRANCISCO–(Organization WIRE)–Jan 20, 2021–
Hims & Hers Health and fitness, Inc. (“Hims & Hers”), a multi-specialty telehealth system that connects shoppers to accredited healthcare gurus, today announced that it has concluded its enterprise mix with Oaktree Acquisition Corp. (NYSE: OAC.U, OAC, OAC WS), a unique function acquisition business sponsored by an affiliate of Oaktree Capital Management, L.P. (“Oaktree”). The transaction, which was permitted on January 19, 2021 by Oaktree Acquisition Corp.’s shareholders, uniquely positions Hims & Hers to guide the fast-growing telehealth field, with a concentrate on improving upon the shopper expertise from start to complete. Commencing January 21, 2021, Hims & Hers’ shares of Course A widespread stock will trade on the New York Stock Trade (“NYSE”) below the symbol “HIMS” and its warrants will trade on the NYSE below the symbol “HIMS WS.”
“We drove tremendous progress in 2020 toward our mission of getting to be the entrance door to the health care procedure,” explained Andrew Dudum, CEO and co-founder of Hims & Hers. “Today’s milestone delivers us even nearer to producing contemporary, inexpensive care available to much more People in america. By delivering a seamless client working experience mixed with proprietary technological innovation, we intend to completely transform a lot of of healthcare’s most significant types, which includes key care and psychological wellbeing.”
Hims & Hers will go on to be led by Dudum as CEO alongside its highly skilled government staff, like Spencer Lee as Main Economic Officer, Melissa Baird as Chief Operations Officer, Dr. Patrick Carroll as Main Health-related Officer, and Soleil Teubner Boughton as Chief Lawful Officer. In addition, the Company’s Board of Administrators includes a deep bench of advisors with substantial backgrounds leading and nurturing speedy-increasing health care corporations and beloved customer manufacturers.
In Oct, the Corporation shared that it experienced seasoned year-over-year Q3 earnings growth of 91%. Hims & Hers also ended Q3 2020 with an improve in gross margins — to 76% — as very well as growth in internet orders and common buy price.
As a consequence of the organization mixture, Hims & Hers received proceeds of close to $279.5 million, prior to transaction costs, which involves income proceeds of around $204.5 million from Oaktree Acquisition Corp.’s belief account and $75 million from private placement (PIPE) investors, together with resources managed by Franklin Templeton and specified Oaktree clients. Primary current institutional backers of Hims & Hers include Founders Fund, Forerunner Ventures, IVP, Redpoint Ventures, Prosper Money, McKesson Ventures, and Canadian Pension System Financial investment Board as effectively as Cherubic Ventures, Maverick Ventures, Determine Ventures, 8VC, Atomic, NewView Money, and SV Angel. In addition, Hims & Hers’ present-day management and present equity holders have rolled between 90% and 100% of their equity into the blended company.
LionTree Advisors served as direct money advisor to Hims & Hers. Citi also served as money advisor, and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP served as lawful counsel. Credit history Suisse and Deutsche Lender Securities served as funds marketplaces advisors and private placement brokers to Oaktree Acquisition Corp. Deutsche Lender Securities acted as fiscal advisor to Oaktree Acquisition Corp. Kirkland & Ellis LLP served as lawful counsel to Oaktree Acquisition Corp.
About Hims & Hers
Hims & Hers is a multi-specialty telehealth platform that connects consumers to licensed health care professionals, enabling them to access significant-excellent professional medical care for many situations relevant to mental wellbeing, sexual well being, dermatology, principal care, and more. Released in November 2017, the organization also gives thoughtfully established and curated health and fitness and wellness goods. With products and solutions and companies accessible throughout all 50 states and Washington, D.C., Hims & Hers is able to deliver all People access to good quality, practical and inexpensive care. Hims & Hers was started by CEO Andrew Dudum, Hilary Coles, Jack Abraham and Joe Spector at enterprise studio Atomic in San Francisco, California. For extra info about Hims & Hers, be sure to check out forhims.com and forhers.com.
Certain statements in this push launch may well be viewed as forward-hunting statements. Forward-searching statements generally relate to future occasions or Hims & Hers’ foreseeable future money or running functionality. For case in point, statements about the rewards of the proposed business blend, the competitive atmosphere, and the anticipated potential overall performance, development and current market chances of Hims & Hers are ahead-seeking statements. In some situations, you can identify ahead-on the lookout statements by terminology these kinds of as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these conditions or variants of them or comparable terminology. Such forward-hunting statements are matter to dangers, uncertainties, and other aspects that could lead to actual benefits to vary materially from individuals expressed or implied by this sort of ahead-seeking statements. These forward-searching statements are dependent upon estimates and assumptions that, when deemed sensible by Hims & Hers and its management, are inherently uncertain. Aspects that may lead to real final results to differ materially from latest expectations include, but are not minimal to: the capacity to identify the predicted advantages of the proposed business mix, which may be influenced by, among other factors, competitiveness, the capacity of Hims & Hers to improve and take care of growth profitably, preserve associations with shoppers and suppliers and keep its administration and important workforce fees linked to the proposed small business blend modifications in relevant rules or polices the chance that Hims & Hers may be adversely afflicted by other financial, business enterprise, and/or aggressive elements the minimal operating record of Hims & Hers the Hims & Hers business is subject matter to sizeable governmental regulation the Hims & Hers small business may possibly not effectively broaden into other marketplaces, which includes womens’ wellness and the opportunity adverse effects of the ongoing COVID-19 pandemic. Nothing at all in this press launch should really be regarded as a representation by any person that the forward-wanting statements set forth herein will be realized or that any of the contemplated success of these types of ahead-on the lookout statements will be obtained. You must not spot undue reliance on forward-looking statements, which communicate only as of the date they are manufactured. Hims & Hers does not undertake any duty to update these ahead-searching statements.
Check out resource version on businesswire.com:https://www.businesswire.com/information/household/20210120005674/en/
Get hold of: Investor RelationsHims & Hers
Bob East or Jordan Kohnstam
Westwicke, an ICR corporation
(443) 213-0500Oaktree Acquisition Corp.
[email protected]oaktreeacquisitioncorp.comMedia RelationsHims & Hers
[email protected]Sean Leous
Westwicke, an ICR business
(646) 866-4012Oaktree Acquisition Corp.
Keyword: UNITED STATES NORTH America CALIFORNIA
Marketplace Search phrase: Exercise Management MANAGED Care Health Psychological Well being Technological innovation Health and fitness & Nutrition OTHER Technological innovation OTHER Health and fitness
Source: Hims & Hers Wellbeing, Inc.
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PUB: 01/20/2021 04:01 PM/DISC: 01/20/2021 04:01 PM