The OVA will premiere in Japan on August 16, and will premiere on Funimation subbed on August 15. The OVA will also be available on HULU and other services worldwide simultaneously.
Funimation is also be hosting a "watch-along" event on the day of the OVA's release.
The My Hero Academia two-part OVA will be available for Crunchyroll members in the following territories: USA, Canada, UK, Ireland, Australia, New Zealand, South Africa, Iceland, Sweden, Norway, Denmark, the Netherlands, Mexico, Central America, South America, and the Caribbean, as well as Europe (excluding English, French and German speaking territories), CIS, Israel, Lebanon, Northern Africa (excluding Egypt and Libya), Central Africa, and Benin, Burkina Faso, Burundi, Cape Verde, Comoros, Ivory Coast, Djibouti, Ethiopia, Guinea, Guinea-Bissau, Madagascar, Mali, Mauritania, Mozambique, Niger, Senegal, Seychelles, and Togo.
Funimation describes the new OVA as "set during Season 3 of the series, right before the student heroes take their Provisional Hero License Exams":
In this brand-new adventure, some Class 1-A students are sent to hone their survival skills at a training course. Having yet to receive their provisional licenses, they're eager to cut loose and have a little fun.
They quickly discover that the danger they face is no simulation! It's going to take their combined training, teamwork, and quick thinking if they're going to pass this assignment!