2.8 C
Saturday, February 4, 2023

Tiga (NYSE: TINV) Announces Extension to Complete a Business Combination

Tiga Acquisition Corp. (NYSE: TINV) revealed that, in line with Article 49.8 of the Company’s Amended and Restated Memorandum and Articles of Association, it has granted an extension of the time to complete a Business Combination to and including November 27, 2022. Earlier, the company has set the date of May 27, 2022, for the consummation of the Business Combination.

The Company has also authorized the issuing and sale of an additional 2,760,000 private placement warrants at $1.00 per warrant to Tiga Sponsor LLC (the Sponsor). It has been disclosed that the revenue will be transferred into the Company’s Trust Account. The holder of each warrant has the option to buy one Class A ordinary share for $11.50 per share.

Tiga Acquisition Corp. has a reputation as a “blank check” company established to achieve a merger, stock exchange, asset acquisition, stock purchase, reorganization, or other similar corporate combination with one or more companies (a Business Combination). Earlier, Tiga Acquisition has inked a definitive agreement to merge with Grindr.

Furthermore, Grindr Inc. will be the combined company’s name after the merger. Business combination with Tiga Acquisition Corp. (TAC) to generate an anticipated $384 million, comprising $284 million in cash in trust from TAC and up to $100 million in a forward purchase agreement.

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