Hims & Hers Prices Upsized $350M Convertible Notes Offering (May 18, Settling May 21): 0.00% Coupon Due 2032, Conversion Price $29.53/Share, Eucalyptus Acquisition Backing
Hims & Hers Health announced May 18 the pricing of an upsized $350M aggregate principal amount of 0.00% convertible senior notes due 2032, with settlement May 21. Initial conversion rate is 33.8590 shares of Class A common stock per $1,000 principal — a conversion price of approximately $29.53 per share, representing a 32.5% premium over the $22.29 close on May 18. The capped call cap price was set at approximately $50.15 per share (125% premium). Initial purchasers granted an option to buy up to an additional $52.5M in notes within 13 days. Proceeds support international expansion strategy and the proposed acquisition of Eucalyptus (Australian-based digital health platform with peptide and weight-management presence in Australia, UK, and Germany) expected to close mid-2026. The convertible structure preserves cash for the international rollout while the Novo Nordisk branded distribution partnership scales US Wegovy supply.