Newly public Grindr stock soars as high as 515% following SPAC merger (update)

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Newly public Grindr (NYSE:GRND) stock soared as high as 515% Friday following its merger with with SPAC Tiga Acquisition Corp. (TINV), with around 98% of the shares redeemed ahead of the closing.

Shares of Grindr opened at $16.90, shooting up to a session high of $71.51 in late morning. The stock closed at $36.50, up 214% from Thursday's close of $11.63, the last trading session before the merger was completed.

According to Tiga's 8-K filing on the merger vote, around 98% of shareholders opted to redeem their shares rather than stay on through the merger. The shareholders received $10.50 per share.

Grindr also released preliminary 2022 results. For the first half of the year, the company reported adjusted revenue of $90M, a 44% increase over the same period in 2021. Adjusted EBITDA rose 26% for the same period in 2021 to $42M.

The platform agreed to merge with Tiga in May, with the deal valuing the combined company at around $2.1B.