SPACs are an increasingly popular vehicle for companies to enter the public markets. They offer a way for private companies to go public on an accelerated timeline without jumping through certain regulatory hoops.
The company will be valued at $1.6 billion, and the transaction will deliver up to $280 million in cash. Once the transaction is completed, the company will be traded on NYSE under the symbol "HIMS." It is expected to close by the end of 2020. There's also a primary care offering for people with ailments like sore throat, congestion and pink eye to talk to a health provider online, which is available for a flat fee of $39 per visit.
One of the most expensive aspects to building a direct-to-consumer business is customer acquisition. Dudum said those costs are going down over time, as more people are finding the service organically. He said the company is tapping into a growing market of people willing to pay out-of-pocket because of rise in co-payments and high deductible plans.
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