Filing Summary
Business Context and Reporting Period
This Form 8-K was filed by Tiga Acquisition Corp., a Cayman Islands special purpose acquisition company (SPAC), with an event date of November 27, 2020. The filing does not identify Grindr Inc. as the registrant or provide operating results for Grindr. Tiga Acquisition Corp. completed its initial public offering and related private placement.
Key Financial Metrics and Capitalization
- The IPO comprised 27,600,000 units, including 3,600,000 units issued upon the underwriters’ full exercise of their over-allotment option.
- Each unit consisted of one Class A ordinary share and one-half of one redeemable warrant.
- IPO pricing was $10.00 per unit, generating gross proceeds of $276.0 million.
- The company sold 10,280,000 private placement warrants to its sponsor at $1.00 per warrant, generating approximately $10.28 million of gross proceeds.
- A total of $278.76 million was deposited into a trust account. This included $270.48 million of IPO proceeds, including approximately $9.66 million of deferred underwriting discount, and $8.28 million of private placement proceeds.
- The filing does not provide revenue, net income, operating cash flow, margins, debt balances, or liquidity metrics beyond the trust account funding.
Material Changes and Unusual Items
The material event was the completion of the IPO and private placement. The IPO units, Class A ordinary shares, and redeemable warrants began trading on the New York Stock Exchange under the symbols TINV.U, TINV, and TINV WS, respectively. Each whole public warrant is exercisable for one Class A ordinary share at $11.50 per share.
An audited balance sheet as of November 27, 2020 was filed as Exhibit 99.1. The filing provides no prior comparable operating period or earnings comparison.
Guidance, Outlook, Risks, and Contingencies
The filing does not provide management guidance or an operating outlook. As a SPAC, the company’s principal disclosed financial resources were placed in the trust account. The filing text does not specify the company’s acquisition target, transaction deadline, redemption terms, or other business-combination contingencies.
Important Facts to Verify
- Confirm that the intended subject is Tiga Acquisition Corp., not Grindr Inc.; the filing text names Tiga Acquisition Corp. throughout.
- Review Exhibit 99.1 for the audited balance sheet and the final post-IPO cash, liabilities, and shareholders’ equity balances.
- Verify the use and restrictions on the $278.76 million trust account, including any applicable redemption provisions.
- Confirm the terms, expiration, and potential dilution associated with the public and private placement warrants.
- Determine whether a subsequent filing identifies a business-combination target or changes the company’s corporate identity.