Grindr LLC is going public via SPAC deal
Grindr, a gay community targeting dating app has agreed to go public via a SPAC Tiga Acquisition Corp. (NYSE: TINV). The combined company will be valued at $2.1 billion. The De-SPAC transaction is expected to provide Grindr with about $384 million and the deal is expected to close by the end of this year.
Investors have shown a positive response to the definitive agreement and the SPAC TINV showed positive gains. Grindr will have tough competition from other dating apps like Tinder (MTCH) and Bumble (BMBL) which already have gone public. But the Grindr has its own community of users that have helped it gain a revenue of $147 million in 2021.
New SPAC IPOs
- SPAC Investcorp India Acquisition Corp. (IVCA)
IVCA announced the closing of a $258,750,000 initial public offering. The newly incorporated blank check company offered 25,875,000 units at a price of $10.00 per unit. Each unit consists of a class A common share and ½ fraction of the warrant of the company. Warrants are redeemable at a strike price of $11.50 per share. The company has started trading on the Nasdaq Global Market (“NASDAQ”) under the ticker symbol “IVCAU”. Once the units are separated, the class A common share will be traded under the ticker “IVCA” and warrants under “IVCAW”. The main aim of this SPAC is to acquire a company located in India that has huge growth potential.
- SPAC Global Blockchain Acquisition Corp. (GBBK)
Global Blockchain Acquisition Corp. announced its initial public offering of 15,000,000 units at a price of $10.00 per unit to raise $150 million. Each unit consists of one class A common share, one right share, and one redeemable warrant. The warrant holder can redeem the share at a strike price of $11.50. The company has started trading its unit on Nasdaq under the ticker GBBKU. Once separated, the common stocks will trade under GBBK, rights under GBBKR, and warrants under GBBKW. The main aim of this SPAC is to acquire a company that is focused on blockchain-related technology or industry.
- SPAC Monterey Capital Acquisition Corp. (MCAC)
Monterey Capital Acquisition Corp. has started trading its units on Nasdaq at $9.98 under the ticker MCACU. The initial public offering offered 8,000,000 units at $10.00 per unit. Once separated, the class A common shares will trade under the ticker MCAC and warrants under MCACW. Monterey Capital Acquisition Corp. is aiming for a business combination in any business, industry, or geographical location. The SPAC intends to focus its search on industries in the clean transition sectors.
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