SPACInsider Logo
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.
Recent Posts
by Marlena Haddad on 2022-12-08 at 5:35pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Sierra Lake, Z-Work, Lerer Hippeau, and Climate Real Impact Solutions II Sierra Lake Acquisition Corp. Shareholders Approve Liquidation   Sierra Lake Acquisition Corp. (NASDAQ: SIER) announced today that due to its inability to...

by Nicholas Alan Clayton on 2022-12-08 at 2:28pm

Parsec Capital (NASDAQ:PCX) announced in an 8-K this morning that it has begun the process of liquidating its trust account, but the filing also curiously notes that the team is trying to carry on with its announced combination with Enteractive Media. The announcement matches what the SPAC said in its 10-Q filed November 18, that...

by Marlena Haddad on 2022-12-08 at 12:56am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Palihapitiya blames Fed for crushing the blank-check bubble, and Hong Kong is set to regain top-three IPO ranking in 2022 SPAC king Chamath Palihapitiya says the Fed crushed the bubble in blank-check firms...

by Marlena Haddad on 2022-12-08 at 12:50am

PHP Ventures Acquisition Corp. (NASDAQ: PPHP) has entered into a definitive agreement to combine with ConstrucTech company Modulex Modular Buildings Plc (“Modulex”) at a valuation of $600 million. UK-based Modulex manufactures 3D volumetric steel modular buildings and harnesses emerging technologies to meet housing and infrastructure needs. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2022-12-08 at 11:53am

7GC & Co.  (NASDAQ:VII) has entered into a definitive agreement to combine with video engagement platform Banzai at an enterprise value of $380 million, or 17.3x its revenue in the 12 months ending in September 2022. Bainbridge Island, Washington-based Banzai provides a suite of virtual event management and analytical tools through a software-as-a-surface (SaaS) model....

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved