Homosexual courting app Grindr to head public by way of blank-check corporate

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Grindr app is noticed on a cell phone on this picture representation taken in Shanghai, China March 28, 2019. REUTERS/Aly Track/Representation

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NEW YORK, Might 9 (Reuters) – Common homosexual courting app Grindr LLC has agreed to head public thru a blank-check company whose founder used to be a part of a consortium that purchased the corporate in 2020, consistent with a submitting with the U.S. Securities and Alternate Fee on Monday.

The maintain Tiga Acquisition Corp (TINV.N) will carry $384 million together with $284 million of the special-purpose acquisition corporate’s money in agree with plus as much as $100 million in a ahead acquire settlement, valuing the corporate at $2.1 billion together with debt, consistent with the submitting.

The courting app used to be valued at $620 million when it used to be bought in 2020 through its Chinese language proprietor.

Tiga Acquisition Corp went public in November 2020 to boost $240 million, a couple of months after the Grindr sale. The SPAC must liquidate later this month if it failed to achieve a maintain a possible merger goal, after a number of extensions of the liquidation cut-off date.

G. Raymond Zage III, the founder and CEO of the SPAC, used to be a member of San Vicente, a consortium of buyers that purchased Grindr from Beijing’s Kunlun Tech Co (300418.SZ) in 2020.

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Reporting through Echo Wang in New York
Modifying through Matthew Lewis

Our Requirements: The Thomson Reuters Agree with Ideas.

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