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  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-07-13 00:00:00",
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  "notes": "Includes screenshots of official state secretary filings as evidence.",
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      "kind": "callout",
      "text": "Is nearly all of HIMS’ mental health physician organization operating without a valid corporate registration? Our research of PC laws in several states, including California, suggests that a current registration is required for healthcare-related entities to operate legally.",
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      "text": "Nebraska Secretary of State filing",
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      "text": "Arkansas Secretary of State filing",
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      "text": "During our review of AMG corporate filings, we found that the registration for Human Health of Nebraska, the entity that operates in over 40 other states to provide HIMS’ mental health services, is currently suspended. In addition, the entity’s registration in Arkansas has been revoked. Is this due to sloppy organization by HIMS or because Steven Powell, the owner/manager of all these entities, currently has at least three other jobs based on his LinkedIn profile? Either way, it reinforces the notion that the Friendly PC structure as implemented by HIMS is subject to operational risks.",
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      "text": "Source: Nebraska Secretary of State, Arkansas Secretary of State",
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      "text": "We Find It Troubling That The Corporate Registration For The Key “Human Health of Nebraska” Entity Has Been Suspended",
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