Tiga Acquisition Corp. (TINV) Shareholders Approve Grindr Deal
by Marlena Haddad on 2022-11-16 at 7:33am

Tiga Acquisition Corp. (NYSE:TINV) announced in an 8-K this morning that its shareholders have approved its business combination with LGBTQ+ social network Grindr during a special meeting held November 15.

The SPAC did incur 98.2% redemptions, however, which is not far off the average for recent closures, but nonetheless high. This leaves Tiga with a little over $5 million in its initial trust, but the transaction included a forward purchase agreement that would bring in $50 million to $100 million, according to the investor’s discretion.

This could leave some details to be resolved as the deal has a $100 million minimum cash condition. Grindr was expected to have about $88 million in existing cash available upon closing, but also $75 million in debt and it aimed to pay down $137.3 million in existing debts with proceeds.

The parties continue to plan to complete the transaction according to the filing, but will provide additional detail on their efforts to do so in a proxy to be filed on November 18.

The parties initially announced their $2.1 billion combination on May 10, 2022. Los Angeles-based Grindr is the top social network for the LGBTQ+ community, with about 11 million monthly active users, about 723,000 of which pay for premium accounts.


ADVISORS

  • The Raine Group LLC is serving as financial advisor and Cooley LLP is acting as legal advisor to Grindr.
  • Freshfields Bruckhaus Deringer LLP is acting as legal advisor to Raine Securities LLC.
  • Milbank LLP is acting as legal advisor to TAC.
Tiga Acquisition Corp. (TINV) Shareholders Approve Grindr Deal
Recent Posts
by Kristi Marvin on 2025-07-05 at 10:02am

Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...

by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved