☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Cayman Islands | N/A | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Singapore | 049315 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
The New York Stock Exchange | ||||
TINV | The New York Stock Exchange | |||
Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share | TINV WS | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☒ |
Page | ||
PART 1 – FINANCIAL INFORMATION | ||
Item 1. | Financial Statements | |
1 | ||
2 | ||
3 | ||
4 | ||
5 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II – OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
Item 1. | Financial Statements |
September 30, 2021 | December 31, 2020 | June 30, 2022 | December 31, 2021 | |||||||||||||
(Unaudited) | (Revised) | (Unaudited) | ||||||||||||||
ASSETS | ||||||||||||||||
Current Assets | ||||||||||||||||
Cash | $ | 337,775 | $ | 1,144,776 | $ | 165,655 | $ | 17,499 | ||||||||
Prepaid expenses | 173,625 | 262,499 | 106,875 | 123,750 | ||||||||||||
Total Current Assets | 511,400 | 1,407,275 | 272,530 | 141,249 | ||||||||||||
Investments held in Trust Account | 281,592,750 | 278,774,646 | ||||||||||||||
Cash and Investments held in Trust Account | 287,542,770 | 284,379,776 | ||||||||||||||
Total Assets | $ | 282,104,150 | $ | 280,181,921 | $ | 287,815,300 | $ | 284,521,025 | ||||||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||||||||||
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT | ||||||||||||||||
Current Liabilities: | ||||||||||||||||
Accrued expenses | $ | 669,711 | $ | 37,067 | $ | 3,254,399 | $ | 559,183 | ||||||||
Accrued offering costs | 0 | 26,780 | ||||||||||||||
Convertible promissory note - related party | 1,680,000 | 0 | ||||||||||||||
Total Current Liabilities | 669,711 | 63,847 | 4,934,399 | 559,183 | ||||||||||||
Forward Purchase Agreement liability | 5,467,762 | 6,757,777 | ||||||||||||||
Warrant liability | 19,009,781 | 39,232,167 | ||||||||||||||
Forward Purchase Agreement liabilities | 5,521,061 | 5,008,045 | ||||||||||||||
Warrant liabilities | 19,134,810 | 21,220,018 | ||||||||||||||
Deferred underwriting fee payable | 9,660,000 | 9,660,000 | 9,660,000 | 9,660,000 | ||||||||||||
Total Liabilities | 34,807,254 | 55,713,791 | 39,250,270 | 36,447,246 | ||||||||||||
Commitments and Contingencies | 0 | 0 | ||||||||||||||
Class A ordinary shares subject to possible redemption, 27,600,000 shares at approximately $10.20 and $10.10 per share as of September 30, 2021 and December 31, 2020 | 281,520,000 | 278,760,000 | ||||||||||||||
Class A ordinary shares subject to possible redemption, $0.0001 par value; 27,600,000 shares at redemption value of $10.42 and $10.30 per share as of June 30, 2022 and December 31, 2021, respectively | 287,542,770 | 284,280,000 | ||||||||||||||
Shareholders’ Deficit | ||||||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; excluding 27,600,000 shares subject to possible redemption at September 30, 2021 and December 31, 2020, respectively | 0 | 0 | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 6,900,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020 | 690 | 690 | ||||||||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued or outstanding | 0 | 0 | ||||||||||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 0 shares issued or outstanding, excluding 27,600,000 shares subject to possible redemption at June 30, 2022 and December 31, 2021 | 0 | 0 | ||||||||||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 6,900,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 690 | 690 | ||||||||||||||
Additional paid-in capital | 0 | 0 | 0 | 0 | ||||||||||||
Accumulated deficit | (34,223,794 | ) | (54,292,560 | ) | (38,978,430 | ) | (36,206,911 | ) | ||||||||
Total Shareholders’ Deficit | (34,223,104 | ) | (54,291,870 | ) | (38,977,740 | ) | (36,206,221 | ) | ||||||||
Total Liabilities and Shareholders’ Deficit | $ | 282,104,150 | $ | 280,181,921 | ||||||||||||
LIABILITIES, CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS’ DEFICIT | $ | 287,815,300 | $ | 284,521,025 |
For The Three Months Ended September 30, 2021 | Nine months Ended September 30, 2021 | For the Period from July 27, 2020 (Inception) through September 30, 2020 | ||||||||||
Operating costs | $ | 666,952 | $ | 1,501,739 | $ | 5,129 | ||||||
Loss from operations | (666,952 | ) | (1,501,739 | ) | (5,129 | ) | ||||||
Other income: | ||||||||||||
Interest earned on investments held in Trust Account | 23,028 | 58,104 | 0 | |||||||||
Change in fair value of warrant liabilities | 11,368,775 | 22,902,838 | 0 | |||||||||
FV of private placement warrant in excess of purchase price | 0 | 79,548 | 0 | |||||||||
Change in fair value of forward purchase agreement liabilities | 1,105,906 | 1,290,015 | 0 | |||||||||
Total other income, net | 12,497,709 | 24,330,505 | 0 | |||||||||
Net income (loss) | $ | 11,830,757 | $ | 22,828,766 | $ | (5,129 | ) | |||||
Weighted average shares outstanding of Class A ordinary shares | 27,600,000 | 27,600,000 | 0 | |||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | 0.34 | $ | 0.66 | $ | 0 | ||||||
Weighted average shares outstanding of Class B ordinary shares | 6,900,000 | 6,900,000 | 6,900,000 | |||||||||
Basic and diluted net income per share, Class B ordinary | $ | 0.34 | $ | 0.66 | $ | 0 |
Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||
Balance – January 1, 2021 | 6,900,000 | $ | 690 | $ | 0 | $ | (54,292,560 | ) | $ | (54,291,870 | ) | |||||||||
Net income | — | 0 | 0 | 5,572,126 | 5,572,126 | |||||||||||||||
Balance – March 31, 2021 | 6,900,000 | 690 | 0 | (48,720,434 | ) | (48,719,744 | ) | |||||||||||||
Accretion for Class A ordinary shares to redemption amount | — | — | 0 | (2,760,000 | ) | (2,760,000 | ) | |||||||||||||
Net income | — | 0 | 0 | 5,425,883 | 5,425,883 | |||||||||||||||
Balance – June 30, 2021 | 6,900,000 | 690 | 0 | (46,054,551 | ) | (46,053,861 | ) | |||||||||||||
Net income | — | 0 | 0 | 11,830,757 | 11,830,757 | |||||||||||||||
Balance – September 30, 2021 | 6,900,000 | $ | 690 | $ | 0 | $ | (34,223,794 | ) | $ | (34,223,104 | ) |
Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Equity | ||||||||||||||||
Balance – July 27, 2020 (inception) | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Issuance of Class B ordinary shares to Sponsors | 6,900,000 | 690 | 24,310 | 0 | 25,000 | |||||||||||||||
Net loss | — | 0 | 0 | (5,129 | ) | (5,129 | ) | |||||||||||||
Balance – September 30, 2020 | 6,900,000 | $ | 690 | $ | 24,310 | $ | (5,129 | ) | $ | 19,871 |
Nine months Ended September 30, | For the Period from July 27, 2020 (Inception) Through September 30, | |||||||
2021 | 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income (loss) | $ | 22,828,766 | $ | (5,129 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | (22,902,838 | ) | 0 | |||||
Change in fair value of forward purchase agreement liabilities | (1,290,015 | ) | 0 | |||||
Compensation expense on Private Placement warrants | (79,548 | ) | 0 | |||||
Interest earned on investments held in Trust Account | (58,104 | ) | 0 | |||||
Formation cost paid by Sponsor in exchange for issuance of founder shares | 0 | 5,000 | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 88,874 | 0 | ||||||
Accrued expenses | 632,644 | 0 | ||||||
Net cash used in operating activities | (780,221 | ) | (129) | |||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash into trust Account | (2,760,000 | ) | 0 | |||||
Net cash used in investing activities | (2,760,000 | ) | 0 | |||||
Cash Flows from Financing Activities: | ||||||||
Advances from related party | 0 | 700,000 | ||||||
Proceeds from promissory note – related party | 0 | 300,000 | ||||||
Payment of offering costs | — | (51,480 | ) | |||||
Proceeds from sale of Private Placements Warrants | 2,760,000 | 0 | ||||||
Payment of offering costs | (26,780 | ) | — | |||||
Net cash provided by financing activities | 2,733,220 | 948,520 | ||||||
Net Change in Cash | (807,001 | ) | 948,391 | |||||
Cash – Beginning of period | 1,144,776 | 0 | ||||||
Cash – End of period | $ | 337,775 | $ | 948,391 | ||||
Non-Cash investing and financing activities: | ||||||||
Offering costs included in accrued offering costs | $ | 0 | $ | 364,972 | ||||
Change in value of Class A ordinary shares subject to possible redemption | $ | 2,760,000 | $ | 0 | ||||
Deferred offering costs paid by Sponsor in exchange for the issuance of Class B ordinary shares | $ | 20,000 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Operating costs | $ | 3,037,584 | $ | 650,003 | $ | 4,243,935 | $ | 834,787 | ||||||||
Loss from operations | (3,037,584 | ) | (650,003 | ) | (4,243,935 | ) | (834,787 | ) | ||||||||
Other (expense) income: | ||||||||||||||||
Interest earned on investments held in Trust Account | 363,264 | 3,355 | 402,994 | 35,076 | ||||||||||||
FV of private placement warrant in excess of purchase price | (81,153 | ) | 79,548 | (81,153 | ) | 79,548 | ||||||||||
Change in fair value of warrant liabilities | (4,031,433 | ) | 4,205,105 | 4,926,361 | 11,534,063 | |||||||||||
Change in fair value of forward purchase agreement liabilities | (731,176 | ) | 1,787,878 | (513,016 | ) | 184,109 | ||||||||||
Total other (expense) income, net | (4,480,498 | ) | 6,075,886 | 4,735,186 | 11,832,796 | |||||||||||
Net (loss) income | $ | (7,518,082 | ) | $ | 5,425,883 | $ | 491,251 | $ | 10,998,009 | |||||||
Weighted average shares outstanding of Class A ordinary shares | 27,600,000 | 27,600,000 | 27,600,000 | 27,600,000 | ||||||||||||
Basic and diluted net (loss) income per share, Class A ordinary shares | $ | (0.22 | ) | $ | 0.16 | $ | 0.01 | $ | 0.32 | |||||||
Weighted average shares outstanding of Class B ordinary shares | 6,900,000 | 6,900,000 | 6,900,000 | 6,900,000 | ||||||||||||
Basic and diluted net (loss) income per share, Class B ordinary shares | $ | (0.22 | ) | $ | 0.16 | $ | 0.01 | $ | 0.32 |
Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||
Balance – January 1, 2022 | 6,900,000 | $ | 690 | $ | 0 | $ | (36,206,911 | ) | $ | (36,206,221 | ) | |||||||||
Net income | — | 0 | 0 | 8,009,333 | 8,009,333 | |||||||||||||||
Balance – March 31, 2022 (unaudited) | 6,900,000 | $ | 690 | $ | 0 | $ | (28,197,578 | ) | $ | (28,196,888 | ) | |||||||||
Accretion for Class A ordinary shares to redemption amount | — | — | 0 | (3,262,770 | ) | (3,262,770 | ) | |||||||||||||
Net loss | — | 0 | 0 | (7,518,082 | ) | (7,518,082 | ) | |||||||||||||
Balance – June 30, 2022 (unaudited) | 6,900,000 | $ | 690 | $ | 0 | $ | (38,978,430 | ) | $ | (38,977,740 | ) |
Class B Ordinary Shares | Additional Paid-in | Accumulated | Total Shareholders’ | |||||||||||||||||
Shares | Amount | Capital | Deficit | Deficit | ||||||||||||||||
Balance – January 1, 2021 | 6,900,000 | $ | 690 | $ | 0 | $ | (54,292,560 | ) | $ | (54,291,870 | ) | |||||||||
Net income | — | 0 | 0 | 5,572,126 | 5,572,126 | |||||||||||||||
Balance – March 31, 2021 (unaudited) | 6,900,000 | $ | 690 | $ | 0 | $ | (48,720,434 | ) | $ | (48,719,744 | ) | |||||||||
Accretion for Class A ordinary shares to redemption amount | — | — | 0 | (2,760,000 | ) | (2,760,000 | ) | |||||||||||||
Net income | — | 0 | 0 | 5,425,883 | 5,425,883 | |||||||||||||||
Balance – June 30, 2021 (unaudited) | 6,900,000 | $ | 690 | $ | 0 | $ | (46,054,551 | ) | $ | (46,053,861 | ) |
Six Months Ended June 30, | ||||||||
2022 | 2021 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net income | $ | 491,251 | $ | 10,998,009 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | (4,926,361 | ) | (11,534,063 | ) | ||||
Change in fair value of forward purchase agreement liabilities | 513,016 | (184,109 | ) | |||||
FV of private placement warrant in excess of purchase price | 81,153 | (79,548 | ) | |||||
Interest earned on investments held in Trust Account | (402,994 | ) | (35,076 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 16,875 | 22,860 | ||||||
Accrued expenses | 2,695,216 | 497,767 | ||||||
Net cash used in operating activities | (1,531,844 | ) | (314,160 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash into Trust Account | (2,760,000 | ) | (2,760,000 | ) | ||||
Net cash used in provided by investing activities | (2,760,000 | ) | (2,760,000 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from sale of Private Placements Warrants | 2,760,000 | 2,760,000 | ||||||
Proceeds from promissory note – related party | 1,680,000 | 0 | ||||||
Payment of offering costs | 0 | (26,780 | ) | |||||
Net cash provided by financing activities | 4,440,000 | 2,733,220 | ||||||
Net Change in Cash | 148,156 | (340,940 | ) | |||||
Cash – Beginning of period | 17,499 | 1,144,776 | ||||||
Cash – End of period | $ | 165,655 | $ | 803,836 | ||||
Non-Cash investing and financing activities: | ||||||||
Offering costs included in accrued offering costs | 0 | (26,780 | ) |
(i) | at the closing of the Business Combination Transaction (the “Closing”), in accordance with the Delaware Limited Liability Company Act (“DGCL”), Merger Sub will merge with and into Grindr, the separate corporate existence of Merger Sub will cease and Grindr will be the surviving corporation and a wholly owned subsidiary of Tiga (the “Merger”); and |
(ii) | as a result of the Merger, among other things, (x) each Grindr series X ordinary unit (“Grindr Series X Ordinary Unit”) and each Grindr series Y preferred unit (“Grindr Series Y Preferred Unit”, and together with the Grindr Series X Ordinary Units, the “Grindr”) Units that is issued and outstanding immediately prior to the Effective Time (as defined in the Merger Agreement) shall be cancelled and converted into the right to receive a number of shares of New Grindr Common Stock (as defined below) equal to the quotient obtained by dividing (i) the Aggregate Merger Consideration (defined below), by (ii) the number of Aggregate Fully Diluted Grindr Units (as defined below) (the “Exchange Ratio”); (y) each option to purchase series Grindr Series X Ordinary Units granted under the Company Incentive Plan (as defined in the Merger Agreement) (“Grindr Option”) that is then outstanding and unexercised shall be converted into the right to receive an option relating to shares of New Grindr Common Stock upon substantially the same terms and conditions as are in effect with respect to such Grindr Option immediately prior to the Effective Time, including with respect to vesting and termination-related provisions; and (z) each Grindr Warrant (as defined below) that is outstanding immediately prior to the Effective Time shall be converted into the right to receive a warrant relating to shares of New Grindr Common Stock with substantially the same terms and conditions as were applicable to such warrant (excluding Grindr Options) to purchase Grindr Units (“Grindr Warrant”). “Aggregate Merger Consideration” means a number of shares of New Grindr Common Stock equal to the quotient obtained by dividing (i) the sum of (a) the Grindr Valuation (as defined below) plus (b) the aggregate exercise price of all in-the-money Grindr Options and all in-the-money Grindr Warrants that are issued and outstanding immediately prior to the Effective Time by (ii) $10.00; and “Aggregate Fully Diluted Grindr Units” means, without duplication, the aggregate number of Grindr Units that are (i) issued and outstanding immediately prior to the Effective Time and (ii) issuable upon, or subject to, the settlement of all in-the-money Grindr Options and all-in-the-money Grindr Warrants (whether or not then vested or exercisable) that are issued and outstanding immediately prior to the Effective Time. |
Balance Sheet as of December 31, 2020 (audited) | As Previously Reported | Adjustment | As Revised | |||||||||
Class A ordinary shares subject to possible redemption | $ | 219,468,122 | $ | 59,291,878 | $ | 278,760,000 | ||||||
Class A ordinary shares | $ | 587 | $ | (587 | ) | $ | 0 | |||||
Additional paid-in capital | $ | 25,850,154 | $ | (25,850,154 | ) | $ | 0 | |||||
Accumulated deficit | $ | (20,851,423 | ) | $ | (33,441,137 | ) | $ | (54,292,560 | ) | |||
Total Shareholders’ Equity (Deficit) | $ | 5,000,008 | $ | (59,291,878 | ) | $ | (54,291,870 | ) |
September 30, 2021 | December 31, 2020 | |||||||||||
Gross proceeds | $ | 276,000,000 | $ | 276,000,000 | $ | 278,760,000 | ||||||
Private Placement Proceeds | 5,520,000 | 2,760,000 | ||||||||||
Less: | ||||||||||||
Proceeds allocated to Public Warrants | $ | (15,897,248 | ) | $ | (15,897,248 | ) | (15,897,248 | ) | ||||
Class A ordinary shares issuance costs | $ | (14,808,199 | ) | $ | (14,808,199 | ) | (17,568,199 | ) | ||||
Add: | ||||||||||||
Accretion of carrying value to redemption value | 33,465,447 | |||||||||||
Class A ordinary shares subject to possible redemption at December 31, 2020 | 278,760,000 | |||||||||||
Plus: | ||||||||||||
Accretion of carrying value to redemption value | $ | 30,705,447 | $ | 30,705,447 | 5,520,000 | |||||||
Class A ordinary shares subject to possible redemption | $ | 281,520,000 | $ | 278,760,000 | ||||||||
Class A ordinary shares subject to possible redemption at December 31, 2021 | 284,280,000 | |||||||||||
Plus: | ||||||||||||
Accretion of carrying value to redemption value | 3,262,770 | |||||||||||
Class A ordinary shares subject to possible redemption at June 30, 2022 | $ | 287,542,770 |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | For the Period from July 27, 2020 (Inception) Through September 30, 2020 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||
Basic and diluted net income per ordinary share | | |||||||||||||||||||||||
Numerator: | | |||||||||||||||||||||||
Allocation of net income (loss), as adjusted | $ | 9,464,606 | $ | 2,366,151 | $ | 18,263,013 | $ | 4,565,753 | $ | 0 | $ | (5,129 | ) | |||||||||||
Denominator: | | |||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 27,600,000 | 6,900,000 | 27,600,000 | 6,900,000 | 0 | 6,900,000 | ||||||||||||||||||
Basic and diluted net income per ordinary share | $ | 0.34 | $ | 0.34 | $ | 0.66 | $ | 0.66 | $ | 0 | $ | 0 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Basic and diluted net (loss) income per ordinary share | | |||||||||||||||||||||||||||||||
Numerator: | | |||||||||||||||||||||||||||||||
Allocation of net (loss) income | $ | (6,014,466 | ) | $ | (1,503,616 | ) | $ | 4,340,706 | $ | 1,085,177 | $ | 393,001 | $ | 98,250 | $ | 8,798,407 | $ | 2,119,602 | ||||||||||||||
Denominator: | | |||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 27,600,000 | 6,900,000 | 27,600,000 | 6,900,000 | 27,600,000 | 6,900,000 | 27,600,000 | 6,900,000 | ||||||||||||||||||||||||
Basic and diluted net (loss) income per ordinary share | $ | (0.22 | ) | $ | (0.22 | ) | $ | 0.16 | $ | 0.16 | $ | 0.01 | $ | 0.01 | $ | 0.32 | $ | 0.32 |
● | in whole and not in part; |
● | at a price of $0.01 per warrant; |
● | upon not less than 30 days’ prior written notice of redemption to each warrant holder; and |
● | if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like). |
● | in whole and not in part; |
● | at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined based on the redemption date and the fair market value of the Class A ordinary shares; |
● | if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like); and |
● | if the Reference Value is less than $18.00 per share (as adjusted for share sub-divisions, share dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above. |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. |
Level 3: | Unobservable inputs based on |
| Held-To-Maturity | Level | Amortized Cost | Gross Holding Gain/(Loss) | Fair Value (i) | ||||||||||||
September 30, 2021 | U.S. Treasury Securities (Mature on 10/07/21) | 1 | $ | 281,588,786 | $ | 1,214 | $ | 281,590,000 | |||||||||
December 31, 2020 | U.S. Treasury Securities (Mature on 2/25/2021) | 1 | $ | 278,773,543 | $ | (1,423 | ) | $ | 278,772,120 |
| Held-To-Maturity | Level | Amortized Cost | Gross Holding Gain/(Loss) | Fair Value (i) | ||||||||||||
June 30, 2022 | U.S. Treasury Securities (Matured on 07/12/22, reinvested and mature on 08/25/22) | 1 | $ | 287,534,896 | $ | (10,910 | ) | $ | 287,523,986 | ||||||||
December 31, 2021 | U.S. Treasury Securities (Matured on 1/25/2022) | 1 | $ | 284,373,197 | $ | 959 | $ | 284,374,156 |
(i) | Fair value of securities does not include cash held in trust in the amount of |
Level | September 30, 2021 | Level | December 31, 2020 | |||||||||||||
Assets: | ||||||||||||||||
Cash and Investments held in Trust Account | 1 | $ | 281,592,750 | 1 | $ | 278,774,646 | ||||||||||
Liabilities: | ||||||||||||||||
Warrant liability – public warrants | 1 | $ | 9,660,000 | 3 | $ | 22,364,221 | ||||||||||
Warrant liability – private placement warrants | 3 | $ | 9,349,781 | 3 | $ | 16,867,946 | ||||||||||
FPA liability – committed | 3 | $ | 2,416,311 | 3 | $ | 2,947,167 | ||||||||||
FPA liability – optional | 3 | $ | 3,051,451 | 3 | $ | 3,810,610 |
Level | June 30, 2022 | Level | December 31, 2021 | |||||||||||||
Warrant liabilities – public warrants | 1 | $ | 6,593,640 | 1 | $ | 9,798,000 | ||||||||||
Warrant liabilities – private placement warrants | 3 | $ | 12,541,170 | 3 | $ | 11,422,018 | ||||||||||
FPA liabilities – committed | 3 | $ | 2,759,038 | 3 | $ | 2,474,941 | ||||||||||
FPA liabilities – optional | 3 | $ | 2,762,023 | 3 | $ | 2,533,104 |
As of September 30, 2021 | As of December 31, 2020 | |||||||
Warrants- private placement | ||||||||
Common stock price | $ | 10.13 | $ | 9.77 | ||||
Volatility | 10.50 | % | 22.59 | % | ||||
Expected life of the options to convert | 5.58 years | 5.95 years | ||||||
Risk free rate | 1.08 | % | 0.50 | % | ||||
Dividend yield | 0 | % | 0 | % | ||||
FPA-committed | ||||||||
Common stock price | $ | 10.13 | $ | 9.77 | ||||
Time to maturity | 0.58 year | 0.95 year | ||||||
Risk Free rate | 0.06 | % | 0.10 | % | ||||
FPA-optional | ||||||||
Common stock price | $ | 10.13 | $ | 9.77 | ||||
Volatility | 10 | % | 10 | % | ||||
Time to maturity | 0.58 year | 0.95 year | ||||||
Risk Free rate | 0.06 | % | 0.10 | % |
At June 30, 2022 | At December 31, 2021 | |||||||
Warrants- private placement | ||||||||
Common stock price | $ | 10.27 | $ | 10.13 | ||||
Volatility | 4.5 | % | 10.20 | % | ||||
Expected life of the options to convert | 5.25 years | 5.45 years | ||||||
Risk free rate | 3.01 | % | 1.30 | % | ||||
Dividend yield | 0 | % | 0 | % | ||||
FPA-committed | ||||||||
Common stock price | $ | 10.27 | $ | 10.13 | ||||
Time to maturity | 0.25 year | 0.45 year | ||||||
Risk Free rate | 1.72 | % | 0.17 | % | ||||
FPA-optional | ||||||||
Common stock price | $ | 10.27 | $ | 10.13 | ||||
Volatility | 4.5 | % | 5.0 | % | ||||
Time to maturity | 0.25 year | 0.45 year | ||||||
Risk Free rate | 1.72 | % | 0.17 | % |
Public Warrants | Private Placement Warrants | Total Warrant Liabilities | Committed FPA | Optional FPA | Total FPA Liabilities | |||||||||||||||||||
Fair value as of December 31, 2021 | $ | 9,798,000 | $ | 11,422,018 | $ | 21,220,018 | $ | 2,474,941 | $ | 2,533,104 | $ | 5,008,045 | ||||||||||||
Additional Private Placement Warrants May 25, 2022 | 0 | 2,760,000 | 2,760,000 | 0 | 0 | 0 | ||||||||||||||||||
Fair Value of Private Placement Warrants in excess of purchase price | 0 | 81,153 | 81,153 | 0 | 0 | 0 | ||||||||||||||||||
Change in fair value | (3,204,360 | ) | (1,722,001 | ) | (4,926,361 | ) | 284,097 | 228,919 | 513,016 | |||||||||||||||
Fair value as of June 30, 2022 | $ | 6,593,640 | $ | 12,541,170 | $ | 19,134,810 | $ | 2,759,038 | $ | 2,762,023 | $ | 5,521,061 |
Public Warrants | Private Placement Warrants | Total Warrant Liability | Committed FPA | Optional FPA | Total FPA Liability | |||||||||||||||||||
Fair value as of December 31, 2020 | $ | 22,364,221 | $ | 16,867,946 | $ | 39,232,167 | $ | 2,947,167 | $ | 3,810,610 | $ | 6,757,777 | ||||||||||||
Additional Private Placement Warrants May 27, 2021 | 0 | 2,760,000 | 2,760,000 | 0 | 0 | 0 | ||||||||||||||||||
Fair Value of Private Placement Warrants in excess of purchase price | 0 | (79,548 | ) | (79,548 | ) | 0 | 0 | 0 | ||||||||||||||||
Change in fair value | (12,704,221 | ) | (10,198,617 | ) | (22,902,838 | ) | (530,856) | (759,159 | ) | (1,290,015 | ) | |||||||||||||
Fair value as of September 30, 2021 | $ | 9,660,000 | $ | 9,349,781 | $ | 19,009,781 | $ | 2,416,311 | $ | 3,051,451 | $ | 5,467,762 |
Public Warrants | Private Placement Warrants | Total Warrant Liability | Committed FPA | Optional FPA | Total FPA Liability | |||||||||||||||||||
Fair value as of December 31, 2020 | $ | 22,364,221 | $ | 16,867,946 | $ | 39,232,167 | $ | 2,947,167 | $ | 3,810,610 | $ | 6,757,777 | ||||||||||||
Additional Private Placement Warrants May 25, 2021 | 0 | 2,760,000 | 2,760,000 | 0 | 0 | 0 | ||||||||||||||||||
Fair Value of Private Placement Warrants in excess of purchase price | 0 | (79,548 | ) | (79,548 | ) | 0 | 0 | 0 | ||||||||||||||||
Change in fair value | (6,908,221 | ) | (4,652,842 | ) | (11,534,063 | ) | 25,391 | (209,500 | ) | (184,109 | ) | |||||||||||||
Fair value as of June 30, 2021 | $ | 15,456,000 | $ | 14,992,556 | $ | 31,903,209 | $ | 2,972,558 | $ | 3,601,110 | $ | 6,573,668 |
(i) | at the closing of the Business Combination Transaction (the “Closing”), in accordance with the Delaware Limited Liability Company Act (“DGCL”), Merger Sub will merge with and into Grindr, the separate corporate existence of Merger Sub will cease, and Grindr will be the surviving corporation and a wholly owned subsidiary of Tiga (the “Merger”); and |
(ii) | as a result of the Merger, among other things, (x) each Grindr series X ordinary unit (“Grindr Series X Ordinary Unit”) and each Grindr series Y preferred unit (“Grindr Series Y Preferred Unit”, and together with the Grindr Series X Ordinary Units, the “Grindr Units”) that is issued and outstanding immediately prior to the Effective Time (as defined in the Merger Agreement) shall be cancelled and converted into the right to receive a number of shares of New Grindr Common Stock (as defined below) equal to the quotient obtained by dividing (i) the Aggregate Merger Consideration (defined below), by (ii) the number of Aggregate Fully Diluted Grindr Units (as defined below) (the “Exchange Ratio”); (y) each option to purchase Grindr Series X Ordinary Units granted under the Company Incentive Plan (as defined in the Merger Agreement) (“Grindr Option”) that is then outstanding and unexercised shall be converted into the right to receive an option relating to shares of New Grindr Common Stock upon substantially the same terms and conditions as are in effect with respect to such Grindr Option immediately prior to the Effective Time, including with respect to vesting and termination-related provisions; and (z) each Grindr Warrant (as defined below) that is outstanding immediately prior to the Effective Time shall be converted into the right to receive a warrant relating to shares of New Grindr Common Stock with substantially the same terms and conditions as were applicable to such warrant (excluding Grindr Options) to purchase Grindr Units (“Grindr Warrant”). “Aggregate Merger Consideration” means a number of shares of New Grindr Common Stock equal to the quotient obtained by dividing (i) the sum of (a) the Grindr Valuation (as defined below) plus (b) the aggregate exercise price of all in-the-money Grindr Options and all in-the-money Grindr Warrants that are issued and outstanding immediately prior to the Effective Time by (ii) $10.00; and “Aggregate Fully Diluted Grindr Units” means, without duplication, the aggregate number of Grindr Units that are issued and outstanding immediately prior to the Effective Time. |
No. | Description of Exhibit | |
Agreement and Plan of Merger, dated as of May 9, 2022, by and among Tiga Acquisition Corp., Tiga Merger Sub LLC and Grindr Group LLC (incorporated by reference to Exhibit 2.1 to Tiga Acquisition Corp.’s Current Report on Form 8-K filed on May 9, 2022). | ||
Amended and Restated Forward Purchase Agreement, dated as of May 9, 2022, by and among Tiga Acquisition Corp., and Tiga Sponsor LLC (incorporated by reference to Exhibit 10.1 to Tiga Acquisition Corp.’s Current Report on Form 8-K filed on May 9, 2022). | ||
Transaction Support Agreement, dated as of May 9, 2022, by and among Tiga Acquisition Corp., Tiga Merger Sub LLC, Tiga Sponsor LLC., and the individuals named therein (incorporated by reference to Exhibit 10.2 to Tiga Acquisition Corp.’s Current Report on Form 8-K filed on May 9, 2022). | ||
Form of Unitholder Support Agreement (incorporated by reference to Exhibit 10.3 to Tiga Acquisition Corp.’s Current Report on Form 8-K filed on May 9, 2022). | ||
Form of Amended & Restated Registration Rights Agreement, by and among New Grindr, Tiga Sponsor LLC, the independent directors of Tiga and certain former stockholders of Grindr (incorporated by reference to Exhibit 10.4 to Tiga Acquisition Corp.’s Current Report on Form 8-K filed on May 9, 2022). | ||
Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
101.INS* | XBRL Instance Document | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.SCH* | XBRL Taxonomy Extension Schema Document | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* | XBRL Taxonomy Extension Labels Linkbase Document | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document |
† | Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Tiga Acquisition Corp. agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request. |
* | Filed herewith. |
** | Furnished. |
TIGA ACQUISITION CORP. | ||
Date: | /s/ George Raymond Zage III | |
Name: | George Raymond Zage III | |
Title: | Chief Executive Office and Chairman | |
(Principal Executive Officer) | ||
Date: | /s/ Diana Luo | |
Name: | Diana Luo | |
Title: | Chief Financial Officer | |
(Principal Financial and Accounting Officer) |