J-Rod be out of there minds!
(I'm having trouble figuring out the correct verb to go with J-Rod)
Alex Rodriguez and Jennifer Lopez are investing in a Viagra-selling wellness startup — and the deal could help enlarge their coffers as they pursue a deal to buy the Mets, sources told The Post.
Hims, an online seller of proprietary hair, skin, and sexual health products to customers on a subscription basis, is in talks to sell itself to a special-purpose acquisition company, or SPAC, in a deal valuing it at $1 billion, Reuters reported this week.
The pair popularly known as J-Rod, meanwhile, inked a deal to be the face of Hims in December 2019.
A source close to the couple confirmed to The Post that J.Lo and A-Rod are also investors in the company, with Lopez signing on to be the face of Hers, a line of products for women.
The famous couple, who “really only do equity deals,” according to the source, believe a successful SPAC sale for Hims could provide them more capital to use in their very public pursuit to buy the New York Mets.
“Based on my understanding, it could be a nice little windfall,” one investor familiar with Hims told The Post. “And it makes sense that A-Rod and J-.Lo are involved with a SPAC. It seems like everyone is.”
According to Reuters, Hims is in the early stages of its sale and is working with investment bank LionTree Advisors to find a SPAC interested in purchasing it at a valuation of $1 billion or more.
SPACs are quickly becoming the financial equivalent of Viagra for companies having a hard time getting their ticker symbol up on an exchange.
The idea is to take the company public in a deal that’s commonly referred to as a blank-check IPO.
That’s possible because SPACs are more or less big reserves of idle cash that an investor takes public and then uses to acquire a private company, sidestepping a conventional IPO process that might have been unworkable for the acquired company.