Hims & Hers prices upsized $350 million 0% convertible notes due 2032

Hims & Hers priced an upsized private offering of $350 million of 0% convertible senior notes due June 1, 2032, up from an original $300 million. Proceeds are earmarked for the Eucalyptus acquisition, technology and fulfillment investment, and AI capabilities. Part of the proceeds funds capped calls to limit dilution from conversions.

• Principal $350 million, 0% coupon, maturity June 1, 2032; settlement scheduled for May 21, 2026.
• Initial conversion price about $29.53, a premium of about 32.5% over the $22.29 share price on May 18, 2026.
• Capped calls cost about $32.0 million, with a cap price of about $50.15 per share.
• Estimated net proceeds about $338.5 million, or about $389.5 million if the initial purchasers exercise their $52.5 million option in full.