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Hims On Cusp Of Reverse Listing

Hims CEO Andrew Dudum.

Photo credit: Christopher Michel on Flickr, under Creative Commons license

Hims, a telemedicine upstart, is on the cusp of a deal to go public by merging with blank-check firm Oaktree Acquisition Corp, according to a report [paywall] from Bloomberg, which states that a deal could be announced as early as next week. According to Bloomberg, Oaktree Capital Group, the asset management firm which controls the blank-check firm, is in discussions with investors to raise about $75 million in new funds to fund a merger with Hims, which could be valued at up to $1.6 billion from the deal.

Hims is a telemedicine upstart that's best known for offering online prescriptions to treat conditions that are usually stigmatized, such as sexual dysfunction. The company facilitates online consultations with doctors and deliveries of prescription drugs to patients. Also, Hims sells its own line-up of skincare products and vitamins. As a private company, Hims, which was founded in 2017, has raised nearly $200 million in funding and was valued at $1.1 billion from its most recent funding round (PitchBook data). 

Oaktree Acquisition Corp, the intended blank-check merger target, raised $200 million from its debut on the public markets last year, money that will go toward Hims in the case of a successful merger. Oaktree Capital is further reported to be looking to raise more funds that'll also go towards Hims in the case of a merger. 

Hims is the latest startup looking to go public by way of a reverse listing, a recent before now being iBuying startup Opendoor, which recently formalized a deal to merge with blank-check Social Capital Hedosophia Holdings Corp. II. This year overall has witnessed several successful reverse mergers from technology companies, among them sports betting company DraftKings and electric vehicle company Nikola. Several more, such as QuantumScape, a battery technology upstart, and Skillz, a mobile gaming company, have formalized deals to merge with blank-check firms but haven't yet debuted.

Hims is backed by investors including notable names like Thrive Capital, Redpoint Ventures, 8VC, Founders Fund, and SV Angel.

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