Millionaire shareholder Grindr examines the reception of a dating application private in agreement $ 3 billion
Billionaire George Raymond Zage III and James Lu, majority shareholders of Grindra, received preliminary and conditional debt financing $ 1 billion when they explored the purchase of the List in New York. The agreement would appreciate LGBTQ dating to $ 3 billion.
The loan supports the possibility of accepting the company private for at least $ 15 per share, according to regulatory filing with the US Securities and Stock Exchange Commission of 14 October. Although it did not determine which entity would finance, Traffic lights Previously, they announced that Zage and Lu were talking to an investment group based in New York.
The assigned financing ZAGE says it is possible that the agreement can be completed by the end of the year. If their share reaches the threshold of 90%, the company will receive private Forbes Asia.
“We filed a 13D with SEC to give our intention to take the company private,” we will add in response to sending LU messages, chairman of Grindr Forbes Asia. He noted that the Company’s Council was informed about their intention before SEC.
ZAGE and LU, who own a combined 64% of the company-are a step after the media reports claimed that the Seatown, the Singapore State Investment Company Temasek, which provided loans to one of the Grindr shareholders, confiscated some of the underlying shares and sold them in the open market. Seatown did not respond to a Forbes Asia Request for comment. According to SEC, LU sold 1 million shares worth $ 13.2 million per ZAG and 300,000 shares on the open market.
The purchase plan proved to be because the Grindr’s shares fell by more than 20% this month, although the company reported a 25% increase in a net profit to $ 17 million a year ago. Last year, GrindDR noted that its net loss expanded to $ 131 million due to the loss of non -cashlessness associated with responsibility for sale of $ 345 million, which jumped by a third. At the beginning of February she completed the redemption of all public and private orders.
“We think society is significantly underestimated,” Lu says. “Many things are going on with society that we are excited about. We are bulls about the future of society.”
In the commentary on the decline in Grindr shares, ZAGE says the decline was induced by the market perception, that the earnings of the second quarter of the company missed the estimates of analysts. While Grindr does not provide instructions for quarterly earnings, Zage says, “I haven’t seen any negative change in the outlook for business.”
Zage successfully supervised the Asian division of the American hedge fund Farallon Capital Management before the establishment of Singapore’s Tiga Investments in 2017. Three years later, he joined LU, co -founder of the American company Joffre Capital, and American serial entrepreneur J. Michael Geary Jr. In order to deal with the company’s all -caring price of 54%, which was obtained 54%, which was obtained 54%, which occurred 54.
The partners then merged the grindra with the acquisition of TIGA for Zage’s Blank Check in a $ 2.1 billion transaction to publish it on the New York Stock Exchange. The shares rose by 200% when they were scheduled in November 2022, landing at the Tříkom Club (after the promised shares show, while the shares repaired approximately 65% from the grown list, earned a place among the 50 richest Singapore and the richest ideas of its 1.4 billion in Fortune.
Grindr, which was launched in 2009 as one of the first dating applications based on homosexual men, has since become the most popular LGBTQ mobile application around the world and has demanded more than 14 million active users a month.
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(Tagstotranslate) George Raymond Zage III (T) TIGA Investments (T) GrindDr (T) LGBTQ (T) Technology (T) Social Media