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Hims & Hers Health, Inc.

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201250000 11855223 11855223 6025000 6025000 -19159203 -1916 -191590114 -191592030 1147262 965797 97 5013250 503 3852147 1147262 304901 30 3048980 3049010 -3049014 1270698 127 5013250 503 6901127 -1901752 92503 61720 <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 1&#8212;Description of Organization, Business Operations and Basis of Presentation </div></div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Oaktree Acquisition Corp. (now known as Hims&#160;&amp; Hers Health, Inc.) (the &#8220;Company&#8221;) was incorporated as a Cayman Islands exempted company on April&#160;9, 2019. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the &#8220;Business Combination&#8221;). Although the Company is not limited to a particular industry or geographic region for purposes of consummating its Business Combination, the Company intends to capitalize on the ability of its management team to identify, acquire and manage a business in the industrial and consumer sectors. The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;">As of December&#160;31, 2020, the Company had not commenced any operations. All activity for the period from April&#160;9, 2019 (inception) through December&#160;31, 2020 relates to the Company&#8217;s formation, the preparation for its initial public offering (the &#8220;Initial Public Offering&#8221;), as described below, and since the closing of the Initial Public Offering, the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">non-operating</div> income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering. The Company has selected December&#160;31 as its fiscal year end. </div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s sponsor is Oaktree Acquisition Holdings, L.P., a Cayman Islands exempted limited partnership (the &#8220;Sponsor&#8221;). The registration statement for the Company&#8217;s Initial Public Offering was declared effective on July&#160;17, 2019. On July&#160;22, 2019, the Company consummated its&#160;Initial Public Offering of 20,125,000 units (the &#8220;Units&#8221;), including 2,625,000 additional Units to cover over-allotments (the &#8220;Over-Allotment Units&#8221;), at $10.00 per Unit, which is discussed in Note 3, generating gross proceeds of&#160;$201.25&#160;million, and incurring offering costs of approximately $11.9&#160;million, inclusive of approximately $7.04&#160;million in deferred underwriting commissions (Note&#160;5). </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (the &#8220;Private Placement&#8221;) of 4,016,667 warrants (each, a &#8220;Private Placement Warrant&#8221; and collectively, the &#8220;Private Placement Warrants&#8221;) at a price of $1.50 per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $6.03&#160;million (Note 4). </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;">Upon the closing of the Initial Public Offering and the Private Placement, $201.25&#160;million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement was placed in a trust account (the &#8220;Trust Account&#8221;), located in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer&#160;&amp; Trust Company acting as trustee, and was invested in U.S. government securities, within the meaning set forth in Section&#160;2(a)(16) of the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), with a maturity of 185&#160;days or less, or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">of&#160;Rule&#160;2a-7&#160;of&#160;the</div> Investment Company Act, as determined by the Company, until the earlier of: (i)&#160;the completion of a Business Combination and (ii)&#160;the distribution of the assets held in the Trust Account as described below. </div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the signing of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;">The Company provides the holders (the &#8220;Public Shareholders&#8221;) of its Class&#160;A ordinary shares, par value $0.0001 (the &#8220;Class&#160;A ordinary shares&#8221;), sold in the Initial Public Offering (the &#8220;Public Shares&#8221;), with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i)&#160;in connection with a shareholder meeting called to approve the Business Combination or (ii)&#160;by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">per&#160;Public&#160;Share).&#160;The&#160;per-share&#160;amount&#160;to&#160;be&#160;distributed</div> to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares were classified as temporary equity upon the completion of the Initial Public Offering. In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which the Company adopted prior to the consummation of the Initial Public Offering (the &#8220;Amended and Restated Memorandum and Articles of Association&#8221;), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem its Public Shares irrespective of whether such Public Shareholder votes for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) have agreed to vote their Founder Shares (as defined in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial shareholders have agreed to waive their redemption rights with respect to their Founder Shares and any Public Shares acquired by them in connection with the completion of a Business Combination. Prior to the Business Combination, 6,193 Class&#160;A ordinary shares were redeemed for an aggregate redemption price of less than $0.1&#160;million. </div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Notwithstanding the foregoing, the Amended and Restated Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a &#8220;group&#8221; (as defined under Section&#160;13 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)), is restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the Public Shares, without the prior consent of the Company. </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;">The Company&#8217;s Sponsor, officers and directors (the &#8220;initial shareholders&#8221;) have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (a) that would modify the substance or timing of the Company&#8217;s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 24 months from the closing of the Initial Public Offering, or July 22, 2021, <div style="display:inline;">(the &#8220;Combination Period&#8221;) or (b) with respect to any other provision relating to shareholders&#8217; rights or <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">pre-initial</div> Business Combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. </div> </div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;">If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i)&#160;cease all operations except for the purpose of winding up; (ii)&#160;as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Shares,&#160;at&#160;a&#160;per-share&#160;price,&#160;payable&#160;in&#160;cash,</div> equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to fund the Company&#8217;s regulatory compliance requirements and other costs related thereto (a &#8220;Regulatory Withdrawal&#8221;), subject to an annual limit of $325,000, and/or to pay the Company&#8217;s income taxes, if any, (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then outstanding Public Shares, which redemption will completely extinguish Public Shareholders&#8217; rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii)&#160;as promptly as reasonably possible following such redemption, subject to the approval of the Company&#8217;s remaining shareholders and the Company&#8217;s board of directors, liquidate and dissolve, subject in the case of clauses (ii)&#160;and (iii), to the Company&#8217;s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. </div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The initial shareholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial shareholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party, including any vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company&#8217;s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all third parties, including vendors, service providers (excluding the Company&#8217;s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Basis of Presentation </div></div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and pursuant to the rules and regulations of the SEC. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Emerging Growth Company </div></div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company is an &#8220;emerging growth company,&#8221; as defined in Section&#160;2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section&#160;404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;">Further, Section&#160;102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">requirements&#160;that&#160;apply&#160;to&#160;non-emerging&#160;growth&#160;companies&#160;but&#160;any</div> such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. </div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">This may make comparison of the Company&#8217;s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Liquidity </div></div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December&#160;31, 2020, the Company had approximately $1.1&#160;</div><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">million in its operating bank account and approximately $3.0&#160;million of interest income available in the Trust Account for Regulatory Withdrawal (subject to an annual limit of $325,000) and for the Company&#8217;s tax obligations, if any, and a working capital deficit of approximately $3.8&#160;million. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><br/></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s liquidity needs to date have been satisfied through receipt of&#160;a $25,000 capital contribution from the Sponsor in exchange for the issuance of the Founder Shares to the Sponsor, the advancement of funds by the Sponsor of approximately $62,000 to the Company to cover for offering costs in connection with the Initial Public Offering, and the proceeds from the consummation of the Private Placement not held in the Trust Account. On November&#160;18, 2019, the Company repaid the advance in full to the Sponsor.&#160;In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company&#8217;s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 4). As of December&#160;31, 2020 and 2019, there were no amounts outstanding under any Working Capital Loan. </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Based on the foregoing, management believes that the Company has sufficient cash available due to consummation of a Business Combination (discussed below) and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company&#8217;s officers and directors to meet its needs through the earlier of the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Merger </div></div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;">On January&#160;2<div style="display:inline;">0</div>, 2021, the Company consummated the merger that the Company entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;), by and among the Company, Rx Merger Sub, Inc., a Delaware corporation (&#8220;Merger Sub&#8221;), and Hims, Inc., a Delaware corporation (&#8220;Hims&#8221;) on September&#160;30, 2020. The Merger Agreement provides for, among other things, the following transactions on the closing date: (i)&#160;the Company will become a Delaware corporation (the &#8220;Domestication&#8221;) and, in connection with the Domestication, (A)&#160;the Company&#8217;s name will be changed to &#8220;Hims&#160;&amp; Hers Health, Inc.&#8221;, (B) each outstanding Class&#160;A ordinary share of the Company and each outstanding Class&#160;B ordinary share of the Company will become one share of Class&#160;A common stock of the Company (the &#8220;New Hims Class&#160;A Common Stock&#8221;), and (C)&#160;each outstanding warrant of the Company will become one warrant to purchase one share of New Hims Class&#160;A Common Stock; and (ii)&#160;following the Domestication, Merger Sub will merge with and into Hims, with Hims as the surviving company in the merger and, after giving effect to such merger, continuing as a wholly-owned subsidiary of the Company (the &#8220;Merger&#8221;). The Domestication, the Merger and the other transactions contemplated by the Merger Agreement are hereinafter referred to as the &#8220;Proposed Business Combination&#8221;. See the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Form&#160;8-K&#160;and</div> the prospectus filed by the Company with the SEC on October&#160;1, 2020. </div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In connection with the Merger, the Company adopted a dual class stock structure pursuant to which all stockholders of the Company will hold only shares of New Hims Class&#160;A Common Stock, except for Andrew Dudum, the Chief Executive Officer and Founder of Hims, who will hold, directly or indirectly, shares of New Hims Class&#160;A Common Stock and shares of Class&#160;V common stock of the Company (the &#8220;New Hims Class&#160;V Common Stock&#8221;). Immediately following the closing of the Merger, and by virtue of Mr.&#160;Dudum&#8217;s holdings of New Hims Class&#160;A Common Stock and New Hims Class&#160;V Common Stock, Mr.&#160;Dudum is expected to hold approximately 90% of the voting power of the capital stock of the Company on a fully diluted basis. The New Hims Class&#160;V Common Stock will also be subject to a &#8220;sunset&#8221; and conversion to New Hims Class&#160;A Common Stock if Mr.&#160;Dudum (i)&#160;no longer serves in a senior executive or board role, or (ii)&#160;transfers any shares of New Hims Class&#160;V Common Stock (except for permitted transfers). </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;">In accordance with the terms and subject to the conditions of the Merger Agreement, based on an implied equity value of $1.6&#160;billion, minus up to $75&#160;million of cash consideration at closing to Hims stockholders at Hims&#8217; election, plus the aggregate strike price of all Hims options and warrants, (i)&#160;each share of Hims common stock, restricted stock and preferred stock (other than dissenting shares and shares held by Hims as treasury stock (which shares will be cancelled for no consideration as part of the Merger) will be cancelled and converted into the right to receive the applicable portion of the merger consideration comprised of New Hims Class&#160;A Common Stock, earn out shares (as described below) and warrants to acquire shares of New Hims Class&#160;A Common Stock, each as determined in the Merger Agreement, (ii)&#160;all equity awards of Hims will be assumed by the Company and converted into comparable equity awards that are settled or exercisable for shares of New Hims Class&#160;A Common Stock, earn out restricted stock unit awards and warrant restricted stock unit awards with a value as if such Hims equity awards were exercised prior to the closing of the Merger and (iii)&#160;each warrant of Hims that is unexercised will be assumed by the Company and represent the right to receive the applicable portion of the merger consideration upon exercise of such warrant as if such warrant was exercised prior to the closing of the Merger. Each Hims equityholder will receive its applicable portion of the 16&#160;million earn out shares (or equivalent equity award) that will vest in equal thirds if the trading price of New Hims Class&#160;A Common Stock is greater than or equal to $15, $17.50 and $20 for any 10 trading days <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">within&#160;any&#160;20-trading&#160;day&#160;period</div> and will also vest in connection with any Company Sale (as defined in the Merger Agreement) if the applicable thresholds are met in such Company Sale. The trading price thresholds were met in February 2021. </div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Merger Agreement contains representations, warranties and covenants of each of the parties thereto that are customary for transactions of this type. The Company has also taken action such that, effective immediately after the closing of the Merger, the Company&#8217;s board of directors consist of up to eight directors, which shall include the board of directors of Hims prior to the signing of the Merger Agreement plus up to four individuals to be identified at the sole discretion of Hims. In addition, the Company has agreed to adopt an equity incentive plan in an amount not to exceed 10% of the Company&#8217;s equity interests on a fully diluted basis with an annual evergreen provision in an amount not to exceed 5% on a fully diluted basis and employee stock purchase plan in an amount not to exceed 2% of the Company&#8217;s equity interests on a fully diluted basis with an annual evergreen provision in an amount not to exceed 1% on a fully diluted basis. </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In addition, prior to the closing of the Merger, 25.0% of the Class&#160;B ordinary shares of the Company and the Private Placement Warrants will be surrendered and forfeited by the Sponsor in accordance with the Sponsor Agreement (as defined below) and reissued to existing Hims equityholders as New Hims Class&#160;A Common Stock (or equivalent equity awards in respect thereof) and warrants to acquire shares of New Hims Class&#160;A Common Stock (or equivalent equity awards in respect thereof) as part of the merger consideration described above and the Domestication will be consummated. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; margin-left: 4%; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Sponsor Agreement </div></div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Concurrently with the execution of the Merger Agreement, the Company, the Sponsor and Hims entered into a sponsor agreement (the &#8220;Sponsor Agreement&#8221;), pursuant to which the Sponsor has agreed to, among other things, (i)&#160;vote in favor of the Merger Agreement and the transactions contemplated thereby (including the Merger), (ii) surrender and forfeit <div style="letter-spacing: 0px; top: 0px;;display:inline;">25.0</div>% of the Class&#160;B ordinary shares of the Company and the Private Placement Warrants for no consideration and as a contribution to the capital of the Company to be effectuated in connection with the consummation of the Merger, (iii)&#160;waive any adjustment to the conversion ratio set forth in the Company&#8217;s amended and restated memorandum and articles of association with respect to the Class&#160;B ordinary shares of the Company held by the Sponsor, (iv)&#160;be bound by certain other covenants and agreements related to the Merger and (v)&#160;be bound by certain transfer restrictions with respect to its shares in the Company prior to the closing of the Merger, in each case, on the terms and subject to the conditions set forth in the Sponsor Agreement. </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In connection with the signing of the Merger Agreement, the Company entered into subscription agreements (the &#8220;Subscription Agreements&#8221;) with certain investors (the &#8220;PIPE Investors&#8221;). Pursuant to the Subscription Agreements, the PIPE Investors agreed to subscribe for and purchase, and the Company agreed to issue and sell to such investors, on the closing date, an aggregate of 7,500,000 shares of New Hims Class&#160;A Common Stock for a purchase price of $10.00 per share, for aggregate gross proceeds of $75,000,000. </div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; margin-left: 4%; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Registration Rights Agreement </div></div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">At the closing of the Merger, the Company and the Sponsor entered into a registration rights agreement (the &#8220;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Parent Registration Rights Agreement</div>&#8221;) pursuant to which, among other things, the Sponsor was granted certain customary registration rights with respect to its shares of New Hims Class&#160;A Common Stock. </div><br/></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 6pt; margin-left: 4%; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Amended and Restated Investors&#8217; Rights Agreement </div></div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 13.5pt; margin-bottom: 6pt; padding-top: 0pt; padding-bottom: 0pt; line-height: 12pt;">Concurrently with the execution of the Merger Agreement, the Company and certain Hims Stockholders entered into an amended and restated investors&#8217; rights agreement (the &#8220;<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">A&amp;R Company Investors&#8217; Rights Agreement</div>&#8221;) contingent upon and to be effective immediately prior to the closing of the Merger pursuant to which, among other things (i)&#160;such Hims Stockholders have agreed not to effect any sale or distribution of the Company&#8217;s equity securities <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">during&#160;the&#160;lock-up&#160;period&#160;described</div> therein and (ii)&#160;will be granted certain customary registration rights with respect to their shares of New Hims Class&#160;A Common Stock. </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 8. Subsequent Events </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Management has evaluated subsequent events to determine if events or transactions occurring through the date the financial statements were available for issuance require potential adjustment to or disclosure in the financial statements and has concluded that all such events that would require recognition or disclosure have been recognized or disclosed. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On January&#160;2<div style="letter-spacing: 0px; top: 0px;;display:inline;">0</div>, 2021, the Company completed the Merger pursuant to the Merger Agreement as described in Note 1. As contemplated by the Merger Agreement and as described in the Company&#8217;s definitive proxy statement filed with the United States Securities and Exchange Commission (the &#8220;SEC&#8221;) on December&#160;29, 2020 (the &#8220;Proxy Statement&#8221;), (i)&#160;the Company became a Delaware corporation and, in connection with the Domestication, (A)&#160;the Company&#8217;s name changed to &#8220;Hims&#160;&amp; Hers Health, Inc.&#8221;, (B) each outstanding Class&#160;A ordinary share of the Company and each outstanding Class&#160;B ordinary share of the Company became one share of Class&#160;A common stock of the Company, and (C)&#160;each outstanding warrant of the Company became one warrant to purchase one share of New Hims Class&#160;A Common Stock; and (ii)&#160;following the Domestication, Merger Sub merged with and into Hims, with Hims as the surviving company in the merger and, after giving effect to such merger, continuing as a wholly-owned subsidiary of the Company. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In February 2021, the Company net exercised 3,012,500 warrants for</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> 1,474,145 </div><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">shares of New Hims Class&#160;A common stock. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the signing of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. The Company&#8217;s Sponsor, officers and directors (the &#8220;initial shareholders&#8221;) have agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association (a) that would modify the substance or timing of the Company&#8217;s obligation to redeem 100% of its Public Shares if the Company does not complete a Business Combination within 24 months from the closing of the Initial Public Offering, or July 22, 2021 false NYSE NYSE <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 7&#8212;Fair Value Measurements </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The following table presents information about the Company&#8217;s assets that are measured at fair value on a recurring basis as of December&#160;31, 2020 and 2019 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value. </div></div> <div style="text-indent: 4%; 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The Company&#8217;s portfolio of marketable securities held in the Trust Account is comprised mainly of investments in U.S. Treasury securities with an original maturity of 185 days or less. 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Making estimates requires management to exercise significant judgment.&#160;It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future conforming events.&#160;Accordingly, the actual results could differ from those estimates. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Offering Costs Associated with the Initial Public Offering </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Offering costs consist of legal, accounting, underwriting fees and other costs incurred that are directly related to the Initial Public Offering and were charged to shareholders&#8217; equity upon the completion of the Initial Public Offering on July&#160;22, 2019. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Class&#160;A Ordinary Shares Subject to Possible Redemption </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Class&#160;A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class&#160;A ordinary shares (including Class&#160;A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company&#8217;s control) are classified as temporary equity. At all other times, Class&#160;A ordinary shares are classified as shareholders&#8217; equity. The Company&#8217;s Class&#160;A ordinary shares feature certain redemption rights that are considered to be outside of the Company&#8217;s control and subject to the occurrence of uncertain future events. 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The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 10,725,000 of the Company&#8217;s Class&#160;A ordinary shares in the calculation of diluted income per share, since their inclusion would be anti-dilutive under the treasury stock method. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The Company&#8217;s statement of operations includes a presentation of income per share for ordinary shares subject to redemption in a manner similar to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;two-class&#160;method</div> of income per share. </div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income per ordinary share, basic and diluted for Class&#160;A ordinary shares are calculated by dividing the interest income earned on investments and marketable securities held in the Trust Account of approximately $1.7&#160;million, net of $325,000 annual limit of Regulatory Withdrawal available to be withdrawn from the Trust Account, resulting in a total of approximately $1.4&#160;million for the year ended December&#160;31, 2020, by the weighted average number of Class&#160;A ordinary shares outstanding for the period. </div><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net loss per ordinary share for the year ended December&#160;31, 2020,<div style="display:inline;">&#160;</div></div></div><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">basic and diluted </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> for Class&#160;B ordinary shares is calculated by dividing the net loss of approximately $3.0&#160;million, less income attributable to Class&#160;A ordinary shares of approximately $1.4&#160;million, resulted to a net loss of approximately $4.4&#160;million, by the weighted average number of Class&#160;B ordinary shares outstanding for the period. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income per ordinary share, basic and diluted for Class&#160;A ordinary shares are calculated by dividing the interest income earned on investments and marketable securities held in the Trust Account of approximately $1.9&#160;million, net of $325,000 annual limit of Regulatory Withdrawal available to be withdrawn from the Trust Account, resulting in a total of approximately $1.5&#160;million for the period from April&#160;9, 2019 (inception) through December&#160;31, 20<div style="display:inline;">19</div>, by the weighted average number of Class&#160;A ordinary shares outstanding for the period. 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Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">FASB ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December&#160;31, 2020 and 2019. The Company&#8217;s management determined that the Cayman Islands is the Company&#8217;s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December&#160;31, 2020 and 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company&#8217;s financial statements. The Company&#8217;s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Recent Accounting Pronouncements </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Cash and Cash Equivalents </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had approximately $24 and $17,000 in cash equivalents held in the Trust Account as of December&#160;31, 2020 and 2019, respectively. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Marketable Securities Held in Trust Account </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s portfolio of marketable securities is comprised solely of U.S. government securities, within the meaning set forth in Section&#160;2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in gain on marketable securities (net), dividends and interest, held in the Trust Account in the accompanying statement of operations. The estimated fair values of marketable securities held in the Trust Account are determined using available market information. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><br/></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value of Financial Instruments </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level&#160;1 measurements) and the lowest priority to unobservable inputs (Level&#160;3 measurements). These tiers include: </div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><br/></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;">&#160;</div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:3%;">&#8226;</td><td style="vertical-align:top;;width:1%;">&#160;</td><td style="text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Level&#160;1, defined as observable inputs such as quoted prices for identical instruments in active markets; </div></div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:3%;">&#8226;</td><td style="vertical-align:top;;width:1%;">&#160;</td><td style="text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;">Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="font-size: 6pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 6pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="width:5%;">&#160;</td><td style="text-align:left;;vertical-align:top;;width:3%;">&#8226;</td><td style="vertical-align:top;;width:1%;">&#160;</td><td style="text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;;text-align:left;">Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.&#160;</div></td></tr></table> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px;"></div> <div style="clear: both; max-height: 0px; background: none;"></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy.&#160;In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">As of December&#160;31, 2020 and 2019, the carrying values of cash, accounts payable, accrued expenses, and advances from related party approximate their fair values due to the short-term nature of the instruments. The Company&#8217;s portfolio of marketable securities held in the Trust Account is comprised mainly of investments in U.S. Treasury securities with an original maturity of 185 days or less. The fair value for trading securities is determined using quoted market prices in active markets. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of the financial statements in conformity with GAAP requires the Company&#8217;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment.&#160;It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future conforming events.&#160;Accordingly, the actual results could differ from those estimates. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Offering Costs Associated with the Initial Public Offering </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Offering costs consist of legal, accounting, underwriting fees and other costs incurred that are directly related to the Initial Public Offering and were charged to shareholders&#8217; equity upon the completion of the Initial Public Offering on July&#160;22, 2019. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Class&#160;A Ordinary Shares Subject to Possible Redemption </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Class&#160;A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class&#160;A ordinary shares (including Class&#160;A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company&#8217;s control) are classified as temporary equity. At all other times, Class&#160;A ordinary shares are classified as shareholders&#8217; equity. The Company&#8217;s Class&#160;A ordinary shares feature certain redemption rights that are considered to be outside of the Company&#8217;s control and subject to the occurrence of uncertain future events. Accordingly, at December&#160;31, 2020 and 2019, 18,854,302 and 19,159,203, respectively, Class&#160;A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders&#8217; equity section of the Company&#8217;s balance sheets. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Net Income Per Ordinary Share </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 10,725,000 of the Company&#8217;s Class&#160;A ordinary shares in the calculation of diluted income per share, since their inclusion would be anti-dilutive under the treasury stock method. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The Company&#8217;s statement of operations includes a presentation of income per share for ordinary shares subject to redemption in a manner similar to <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">the&#160;two-class&#160;method</div> of income per share. </div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income per ordinary share, basic and diluted for Class&#160;A ordinary shares are calculated by dividing the interest income earned on investments and marketable securities held in the Trust Account of approximately $1.7&#160;million, net of $325,000 annual limit of Regulatory Withdrawal available to be withdrawn from the Trust Account, resulting in a total of approximately $1.4&#160;million for the year ended December&#160;31, 2020, by the weighted average number of Class&#160;A ordinary shares outstanding for the period. </div><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net loss per ordinary share for the year ended December&#160;31, 2020,<div style="display:inline;">&#160;</div></div></div><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">basic and diluted </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> for Class&#160;B ordinary shares is calculated by dividing the net loss of approximately $3.0&#160;million, less income attributable to Class&#160;A ordinary shares of approximately $1.4&#160;million, resulted to a net loss of approximately $4.4&#160;million, by the weighted average number of Class&#160;B ordinary shares outstanding for the period. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Net income per ordinary share, basic and diluted for Class&#160;A ordinary shares are calculated by dividing the interest income earned on investments and marketable securities held in the Trust Account of approximately $1.9&#160;million, net of $325,000 annual limit of Regulatory Withdrawal available to be withdrawn from the Trust Account, resulting in a total of approximately $1.5&#160;million for the period from April&#160;9, 2019 (inception) through December&#160;31, 20<div style="display:inline;">19</div>, by the weighted average number of Class&#160;A ordinary shares outstanding for the period. Net loss per ordinary share, basic and diluted for Class&#160;B ordinary shares is calculated by dividing the net income of approximately $1.1&#160;million, less income attributable to Class&#160;A ordinary shares of approximately $1.5&#160;million, resulted to a net loss of approximately $385,000, by the weighted average number of Class&#160;B ordinary shares outstanding for the period. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Income Taxes </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">FASB ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December&#160;31, 2020 and 2019. The Company&#8217;s management determined that the Cayman Islands is the Company&#8217;s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December&#160;31, 2020 and 2019. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception. </div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company&#8217;s financial statements. The Company&#8217;s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Recent Accounting Pronouncements </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 20% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity- linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor upon conversion of Working Capital Loans. 0.10 0.01 18.00 10.00 20125000 20125000 P185D 5031250 250000 1474145 (i) the Company became a Delaware corporation and, in connection with the Domestication, (A) the Company&#8217;s name changed to &#8220;Hims &amp; Hers Health, Inc.&#8221;, (B) each outstanding Class A ordinary share of the Company and each outstanding Class B ordinary share of the Company became one share of Class A common stock of the Company, and (C) each outstanding warrant of the Company became one warrant to purchase one share of New Hims Class A Common Stock; <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 4&#8212;Related Party Transactions </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Founder Shares </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In April 2019, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration of 4,312,500 Class&#160;B ordinary shares, par value $0.0001, (the &#8220;Founder Shares&#8221;). On June&#160;26, 2019, the Company effected a pro rata share capitalization resulting in an increase in the total number of Class&#160;B ordinary shares outstanding from 4,312,500 to 5,031,250. All share amounts have been retroactively restated to reflect the share capitalization. The Sponsor had agreed to forfeit up to 656,250 Founder Shares to the extent that the over-allotment option was not exercised in full by the underwriters. The forfeiture would have been adjusted to the extent that the over-allotment option was not exercised in full by the underwriters so that the Founder Shares would have represented 20% of the Company&#8217;s issued and outstanding shares after the Initial Public Offering. The underwriters exercised their over-allotment option in full on July&#160;22, 2019; thus, the Founder Shares are no longer subject to forfeiture. </div></div> <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="text-indent: 4%; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; line-height: 12pt;">The initial shareholders have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A)&#160;one year after the completion of the initial Business Combination or (B)&#160;subsequent to the initial Business Combination, (x)&#160;if the last sale price of the Class&#160;A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">trading&#160;days&#160;within&#160;any&#160;30-trading&#160;day&#160;period&#160;commencing&#160;at</div> least 150 days after the initial Business Combination, or (y)&#160;the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company&#8217;s shareholders having the right to exchange their Class&#160;A ordinary shares for cash, securities or other property. </div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Private Placement Warrants </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">Concurrently with the closing of the Initial Public Offering, on July&#160;22, 2019 the Company sold&#160;4,016,667 Private Placement Warrants at a price of $1.50 per Private Placement Warrant to the Sponsor, generating gross proceeds of approximately $6.03&#160;million. Each whole Private Placement Warrant is exercisable for one Class&#160;A ordinary share at a price of $11.50 per share. Certain of the proceeds from the sale of the Private Placement Warrants were added to the net proceeds from the Initial Public Offering and are held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">Placement&#160;Warrants&#160;are&#160;non-redeemable&#160;and&#160;exercisable&#160;on&#160;a</div> cashless basis so long as they are held by the Sponsor or its permitted transferees. </div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Sponsor and the Company&#8217;s officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Related Party Loans </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company&#8217;s officers and directors may, but are not obligated to, loan the Company funds as may be required (&#8220;Working Capital Loans&#8221;). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination is not consummated within the Combination Period, the Company may use a portion of the proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender&#8217;s discretion, up to $1.5&#160;million of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. To date, the Company had no borrowings under any Working Capital Loan. </div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Expense Reimbursements </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Prior to the closing of the Initial Public Offering, the Sponsor agreed, pursuant to an expense reimbursement agreement (the &#8220;Expense Reimbursement Agreement&#8221;), to advance the Company up to $300,000 to pay for a portion of the expenses incurred in connection with the Initial Public Offering. The Sponsor advanced approximately $62,000 to the Company under the Expense Reimbursement Agreement. The Company repaid this advance in full on November&#160;18, 2019. </div></div> <div style="font-size: 1px; margin-top: 18px; margin-bottom: 0px;"><div style="font-size: 1px; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; line-height: 12pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Administrative Support Agreement </div></div></div> <div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Commencing on the effective date of the Initial Public Offering, the Company agreed to pay an affiliate of the Sponsor a total of $10,000 per month for office space, utilities and secretarial and administrative support. Upon completion of an initial Business Combination or the Company&#8217;s liquidation, the Company will cease paying these monthly fees. The Company incurred approximately $120,000 and $55,000 for the year ended December&#160;31, 2020 and during the period from April&#160;9, 2019 (inception) through December&#160;31, 2019, respectively, in expenses in connection with such services as reflected in the accompanying statement of operations. As of December&#160;31, 2020 and December&#160;31, 2019, the Company had approximately $60,000 and $55,000, respectively, in accrued expenses for related party in connection with such services as reflected in the accompanying balance sheets. During the year ended December&#160;31, 2020, the Company paid approximately $115,000 of the outstanding accrued administrative support fees. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 120000 10000 1100000 0 0 0.90 1600000000 75000000 16000000 15 17.50 20 P10D P20D 8 4 0.10 0.05 0.02 0.01 0.250 1500000 -1100000 385000 1500000 -3000000 1400000 4400000 1900000 325000 false true true CA false Non-accelerated Filer Hims & Hers Health, Inc. Class A Common Stock, $0.0001 par value per share HIMS Redeemable warrants, each whole warrant exercisable for one share of Class A Common Stock HIMS WS No No Yes Yes 204671250 182973780 8377623 10-K 2020-12-31 true false 3800000 1 1 3000000 6193 100000 10725000 <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 5&#8212;Commitments&#160;&amp; Contingencies </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Registration and Shareholder Rights </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The holders of Founder Shares, Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights pursuant to a registration and shareholder rights agreement entered into in connection with the consummation of the Initial Public Offering. These holders will be entitled to certain demand and &#8220;piggyback&#8221; registration rights. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">termination&#160;of&#160;the&#160;applicable&#160;lock-up&#160;period&#160;for&#160;the&#160;securities</div> to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements. </div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Underwriting Agreement </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The Company <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">granted&#160;the&#160;underwriters&#160;a&#160;45-day&#160;option&#160;from&#160;the&#160;date</div> of the final prospectus relating to the Initial Public Offering to purchase up to 2,625,000 Over-Allotment Units to cover over-allotments, if any, at the Initial Public Offering price less underwriting discounts and commissions. On July&#160;22, 2019, the underwriters fully exercised their over-allotment option. </div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The underwriters were entitled to underwriting discounts of $0.20 per unit, or $4.025&#160;million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or approximately $7.04&#160;million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. This was paid upon the close of the Merger. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Deferred Legal Fees </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company entered into an engagement letter to obtain legal advisory services, pursuant to which the Company&#8217;s legal counsel agreed to defer an aggregate of $150,000 of their fees in connection with the Initial Public Offering until the closing of the Initial Business Combination. The deferred fee will become payable to the legal counsel from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination. As of December&#160;31, 2020 and 2019, the Company recorded an aggregate of $150,000 in connection with such arrangement as deferred legal fees in the accompanying balance sheet. This was paid upon the close of the Merger. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 3012500 iso4217:USD xbrli:shares xbrli:pure iso4217:USD xbrli:shares hims:Directors hims:Individuals