Hims & Hers Health, Inc. — Form 8-K Summary
Business context and reporting period
On October 29, 2020, Oaktree Acquisition Corp. filed a Form 8-K under Item 7.01 to furnish a press release issued by Hims, Inc. announcing its results for the third quarter of 2020. Hims was proposed to combine with Oaktree Acquisition Corp. in a business combination. The filing does not include the text of Exhibit 99.1, so detailed quarterly results are not available in the provided filing text.
Financial metrics
- Revenue, net income or loss, cash flow, gross margin, operating margin, debt, cash, liquidity, and other quarterly financial metrics: the filing text does not provide clear values.
- The filing references expected future revenue, pro forma enterprise value, and cash balance in connection with the proposed transaction, but does not provide those amounts in the supplied text.
Material changes versus the prior comparable period
The filing announces Hims’s third-quarter 2020 results but does not provide the underlying results or comparative figures. Accordingly, changes versus the third quarter of 2019 or the preceding quarter cannot be determined from the supplied text.
Guidance, outlook, risks, and unusual items
- The filing contains forward-looking statements regarding the proposed business combination, its expected timing and benefits, Hims’s future performance, market opportunities, and pro forma financial metrics.
- Completion of the transaction remains subject to shareholder approval, satisfaction of closing conditions, minimum trust-account requirements after any redemptions, regulatory matters, and other conditions.
- Identified risks include Hims’s limited operating history, substantial governmental regulation, competition, execution and profitable growth, retention of customers and key personnel, transaction costs, legal proceedings, changes in law, and the ability to expand into additional markets, including women’s health.
- The filing states that actual results may differ materially from forward-looking statements and that neither Oaktree nor Hims undertakes to update those statements.
- The filing is furnished as Regulation FD disclosure and is not itself an offer to sell securities or a solicitation of votes. Exhibit 99.1 is identified as the October 29, 2020 press release, but its contents are not included in the supplied text.
Key facts for investors to verify
- Obtain and review Exhibit 99.1 for Hims’s third-quarter 2020 revenue, profitability, cash flow, margins, balance-sheet data, operating metrics, and year-over-year comparisons.
- Review the Form S-4 and definitive proxy statement/prospectus for transaction terms, dilution, redemption assumptions, pro forma capitalization, cash proceeds, and closing conditions.
- Verify whether the business combination received shareholder and regulatory approvals and whether minimum trust-account requirements were satisfied.
- Assess the regulatory, competitive, execution, market-expansion, and limited-operating-history risks identified in the filing.