Gay dating app Grindr to go public via ‘lost fund’ company

The deal with Tiga Acquisition Corp will raise $384 million, including $284 million of cash in trust from the special purpose acquisition company, plus up to $100 million in a forward purchase agreement, valuing the company $2.1 billion, including debt, according to the filing.

The dating app was valued at $620 million when it was sold in 2020 by its Chinese owner.

Tiga Acquisition Corp went public in November 2020 to raise $240 million, a few months after Grindr was sold. SPAC is expected to be liquidated later this month if it fails to reach a deal with a potential merger target, after several extensions to the liquidation deadline.

G. Raymond Zage III, the founder and CEO of SPAC, was a member of San Vicente, a consortium of investors that purchased Beijing’s Grindr Kunlun Tech Co in 2020.

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