Grindr to go public in $2.1bn SPAC deal

Gay dating app Grindr announced Monday that it would go public via special purpose acquisition company (SPAC).

The app will be merging with Singapore-based Tiga Acquisition Corp at a valuation of $2.1 billion and will receive $284 million in cash and up to $100 million in a forward purchase agreement.

However, with the regulators coming down on the financial mechanism, all is not rosy when it comes to SPACs.

Goldman Sachs is pulling out of most SPACs due to SEC’s new liability guidelines, released in March that can hold the underwriter responsible.