The newly public Grindr (NYSE: GRND) shares soared as much as 515% on Friday after its merger with SPAC Tiga Acquisition Corp. (TINV), with about 98% of the share capital redeemed before closing.
Shares of Grindr opened at $16.90 and rose to $71.51 by late morning. The stock changed hands at $43.83 at approximately 1:40 a.m. ET. Shares in Tiga closed at $11.63 on Thursday, the last trading session before the merger was completed.
According to Tiga’s 8-K filing regarding the merger vote, about 98% of shareholders voted to redeem their shares rather than proceed through the merger. Shareholders received $10.50 per share.
Grindr also released interim results for 2022. For the first half of the year, the company reported adjusted revenue of $90M, up 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 combined company at about $2.1 billion.