Hims & Hers completes business combination with Oaktree Acquisition

Hims & Hers Health, a multi-specialty telehealth platform that connects consumers to licensed healthcare professionals, announced that it has completed its business combination with Oaktree Acquisition Corp. (OAC), a special purpose acquisition company sponsored by an affiliate of Oaktree Capital Management. The transaction, which was approved on January 19 by Oaktree Acquisition Corp.'s shareholders, "uniquely positions Hims & Hers to lead the rapidly-growing telehealth industry, with a focus on improving the customer experience from start to finish," the company stated. Beginning January 21, Hims & Hers' 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." In October, the company shared that it had experienced year-over-year Q3 revenue growth of 91%. Hims & Hers 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 $279.5M, prior to transaction expenses, which includes cash proceeds of approximately $204.5M from Oaktree Acquisition Corp.'s trust account and $75M from private placement - PIPE - investors, including funds managed by Franklin Templeton and certain Oaktree clients.