Shares of Grindr Inc. more than tripled Friday after the dating app closed its merger with a blank-cheque company, giving two investors stakes worth billions, at least on paper.
G. Raymond Zage III, a former partner at hedge fund Farallon Capital, owns a stake worth more than US$2.6 billion ($3.57 billion), according to the Bloomberg Billionaires Index. Zage founded blank-cheque company Tiga Acquisition Corp. in 2020. Tiga agreed to acquire Grindr, which is popular in the LGTBQ+ community, in May at a deal that valued it at about US$2.1 billion.
Grindr’s shares jumped as high as US$71.51 on Friday before retreating to US$36.50 at the end of regular trading in New York. That’s still up more than 210% from Tiga’s closing price Thursday.