Grindr's Stock More Than Doubles in Debut After SPAC Deal
Photographer: Leon Neal/Getty Images
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Grindr LLC, the dating app that specializes in connections for the LGBTQ+ community, became the latest stock to see an eye-popping surge after completing a SPAC tie-up as traders flip shares of the low-float company.
Shares of the company, which went public by merging with Tiga Acquistion Corp., spiked 214% from the price that Tiga closed at on Thursday. The rally came after roughly 98% of investors opted to redeem their stake when they voted to approve the deal, meaning less than 500,000 shares remained outstanding.