Grindr Agrees to Merge With SPAC Tiga Acquisition Corp.
San Francisco – May 10, 2022 – Cooley is advising Grindr, the #1 social network for the LGBTQ+ community, on its definitive agreement to merge with special purpose acquisition company (SPAC) Tiga Acquisition Corp. – a combination that will result in Grindr becoming a publicly listed company. Partners Dave Peinsipp, Jamie Leigh, Kristin VanderPas, Garth Osterman, Will Cai, Jeffrey Tolin and Aaron Pomeroy, as well as associates Sangitha Palaniappa, Kyle Huh, JJ Meng, Dannielle Antone, Mike Lam and Meera Patel, led the Cooley team advising Grindr.
The combined company, which will be named Grindr Inc., is expected to have a post-transaction enterprise value of $2.1 billion. Cash proceeds raised will consist of TAC’s approximately $284 million of cash in trust and up to $100 million in additional cash equity from a forward purchase agreement. The business combination is expected to be completed in the second half of 2022.
“Grindr is well positioned to be a public company and will continue to expand the ways it serves the LGBTQ+ community, from products, services to the philanthropic and advocacy work done through Grindr 4 Equality,” Jeff Bonforte, chief executive officer of Grindr, said in the company’s press release.
With roughly 12 million monthly active users in virtually every country in the world, Grindr has grown to become a fundamental part of the LGBTQ+ community since its launch in 2009. The company continues to expand its ecosystem to enable gay, bi, trans and queer people to connect, express themselves, and discover the world around them. In 2012, the West Hollywood, California-based company launched Grindr 4 Equality, with a mission to promote safety, health and human rights for LGBTQ+ people around the world through collaborations with advocacy groups in various countries. The Grindr app is available via the Apple App Store and the Google Play Store.
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