Oaktree Acquisition Corp . (NYSE:OAC), a publicly traded SPAC, today announced the approval of the proposed business combination with Hims & Hers , Inc.
New entity will start trading under a new stock ticker (HIMS) on Thursday, January 21st, but you can buy it now during pre-IPO period if you think high gross margin business is right up your alley.
It was previously announced that, in connection with the execution of the Merger Agreement, OAC entered into Subscription Agreements with certain investors, pursuant to which the PIPE Investors have agreed to subscribe for and purchase, and OAC has agreed to issue and sell to the PIPE Investors, an aggregate of 7,500,000 shares of New Hims Class A Common Stock at a price of $10.00 per share, for aggregate gross proceeds of $75,000,000.
OAC stock is doing great this year as it is trading for $18.19. It’s up 73% over the past 3 months, which is fueled by investor excitement for the merger into HIMS. But this run-up in the share prices of stock went unnoticed by many SPAC investors because they scrambled around EV related SPAC deals, such as CCIV and QS. OAC is down 4% following merger approval.