The new public Grindr (NYSE:GRND) stock soared as much as 515% on Friday after its deal with SPAC Tiga Acquisition Corp. (TINV), with approximately 98% of shares redeemed prior to closing.
Opinions of the company Grindr it opened at $16.90, shooting up to $71.51 early in the morning. The stock changed hands at $43.83 around 1:40 pm ET. Shares of Tiga closed at $11.63 on Thursday, the last trading session before the close.
According to Tiga’s 8-K filing for the merger vote, approximately 98% of shareholders chose to redeem their shares instead of proceeding with the merger. Shareholders received $10.50 per share.
Grindr also released its first results for 2022. For the first half of the year, the company reported adjusted revenue of $90M, an increase of 44% over the same period in 2021. Adjusted EBITDA rose 26% over the same period in 2021 to $42M.
The platform agreed to merge with Tiga in May, with the deal valuing the company at around $2.1B.