Tiga Acquisition (NYSE:TINV) stock is in the news today as the SPAC closes in on a merger deal with dating app Grindr.
Tiga Acquisition has been working on its SPAC merger with Grindr since an announcement earlier this year. If all goes well, the company expects to take the LBGTQ+ dating app public by the end of the year.
Let’s go over all of the latest details traders need to know about the SPAC merger between Tiga Acquisition and Grindr.
TINV/Grindr SPAC Merger Details
- The biggest news investors need to know about today is shareholders of TINV stock approving the combination with Grindr.
- Details of the vote were revealed in a U.S. Securities and Exchange Commission (SEC) filing showing 26,682,997 for, 551,489 against, and 46,032 abstentions.
- With the approval of shareholders, the SPAC merger, which values Grindr at $2.1 billion, should be ready to go by the end of the year.
- This merger is likely to see Grindr trading on the New York Stock Exchange since that’s where TINV stock is listed, but we don’t know what ticker it plans to use.
- What we do know is Grindr had 10.8 million users in 2021 and reported revenue of $147 million for the year, which was a 30% increase compared to 2020.
With the news of today’s shareholder vote, TINV stock is seeing heavy trading. As of this writing, more than 790,000 shares have changed hands. For comparison, the company’s daily average trading volume is about 74,000 shares.
TINV stock is down 9.2% as of Wednesday afternoon.
Investors looking for more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news for Wednesday! That includes what has shares of Mullen Automotive (NASDAQ:MULN), Lowe’s (NYSE:LOW), and Grayscale Bitcoin Trust (OTCMKTS:GBTC) stock moving today. You can catch up on all of that at the following links!
More Wednesday Stock Market News
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.