February 5, 2023

Volume XIII, Number 36

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February 03, 2023

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February 02, 2023

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CFIUS Clearance: Tiga Acquisition Corp. and Grindr Group LLC

Status: End of Investigation; Likely Clearance


Acquirer:   Tiga Acquisition Corp. (Singapore)

Acquired:   Grindr Group LLC (U.S.)

Value:    $384 million

Industry:   Information Services; Software

On May 9, 2022, “Grindr, the #1 social network for the LGBTQ+ community, [] announced that it has entered into a definitive agreement to merge with Tiga Acquisition Corp. (NYSE: TINV) (“TAC”), a special purpose acquisition company.”  (Press Release, Tiga Acquisition Corp. Form 8-K, Ex-99.1, May 9, 2022, SEC Filing.)  Parties were to have “good faith discussions” and determine whether to submit a CFIUS filing, at which point “CFIUS Approval” was a condition of closing. (See Section 9.1(d), Agreement and Plan of Merger, Tiga Acquisition Corp. Form 8-K, Ex-2.1, May 9, 2022, SEC Filing.)  “[I]n August 2022 the parties submitted a voluntary notice to CFIUS pursuant to Section 721 of the Defense Production Act of 1950, as amended, informing CFIUS of the proposed [merger], which triggered a 45-day initial review period. The initial review period for the joint voluntary notice expire[d] on October 21, 2022 . . .”  (Tiga Acquisition Corp. Amendment No.4 to Form S-4, Oct. 19, 2022, SEC Filing.)  “The initial review period for the joint voluntary notice [] expired, and CFIUS [] initiated an investigation period . . .” (Tiga Acquisition Corp. Amendment No.4 to Form S-4, Oct. 24, 2022, SEC Filing.)  On November 14, 2022 “the Merger Parties agreed to waive . . . (ii) the condition to receive CFIUS approval prior to the Closing.”  (Tiga Acquisition Corp Form 8-K, Nov. 23, 2022, SEC Filing.)  “On November 18, 2022, Grindr and Tiga Acquisition Corp. (“Tiga”)  completed their proposed business combination, bringing the world’s largest social media platform for the LGBTQ community to the public market. That same day, Grindr began trading on the New York Stock Exchange under the ticker ‘GRND’.”  (Press Release, Grindr Inc. Form 8-K, Ex-99.1, Dec. 05, 2022, SEC Filing.)

© Copyright 2023 Squire Patton Boggs (US) LLPNational Law Review, Volume XII, Number 340
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