Hims & Hers slips on planned $450 mln convertible debt sale

Shares of Hims & Hers Health HIMS.N slip 3.1% premarket to $50.75 as telehealth firm seeks capital raise

San Francisco, California-based firm offering privately $450 mln 5-yr convertible bonds

Co says plans to use net proceeds for general purposes, including accelerating global expansion through organic growth and potential acquisitions

Portion of net proceeds also to be used to pay for capped calls, derivative transactions employed to offset share dilution

In other co news, it appointed Mo Elshenawy as chief technology officer. Elshenawy was most recently CTO at Cruise, self-driving vehicle firm owned by General Motors

With ~223.8 mln shares outstanding, co has ~$11.7 bln market cap, per LSEG data

On Apr 29, HIMS jumped 23% to close at $35.04 after Denmark's Novo Nordisk NOVOb.CO said it would sell its popular weight-loss drug Wegovy through telehealth firms to cash-paying U.S. customers

Through Weds close, HIMS has risen nearly 90% over the past month and up 116.5% YTD