Gay dating app Grindr to go public via blank-cheque company
Deal with Tiga Acquisition Corp will raise $384m, according to regulatory filings.
Published On 10 May 2022
Popular gay dating app Grindr has agreed to go public through a blank-cheque firm whose founder was part of a consortium that bought the company in 2020, according to a filing with the US Securities and Exchange Commission on Monday.
The deal with Tiga Acquisition Corporation will raise $384m including $284m of the special-purpose acquisition company’s (SPAC) cash in trust plus up to $100m in a forward purchase agreement, valuing the company at $2.1bn including debt, according to the filing.
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The dating app was valued at $620m when it was sold in 2020 by its Chinese owner.
Tiga Acquisition Corp went public in November 2020 to raise $240m, a few months after the Grindr sale. The SPAC would have to liquidate later this month if it failed to reach a deal with a potential merger target, after several extensions of the liquidation deadline.
Raymond Zage III, the founder and CEO of the SPAC, was a member of San Vicente, a consortium of investors that bought Grindr from Beijing’s Kunlun Tech Co in 2020.
Source: Reuters