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
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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.
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Milbank LLP is acting as legal advisor to TAC.
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