Shares of Grindr Inc. rose in morning trading after the LGBTQ-focused social network and dating app completed its merger with special-purpose acquisition company Tiga Acquisition Corp.
Grindr stock surged as much as 116.68%, to $25.2 a share, in morning trading. Shares were halted at $18.42 a share shortly after the markets opened. The stock trades under the ticker GRND on the New York Stock Exchange.
"Today marks an important milestone not only for the team at Grindr, but for the LGBTQ community we serve," Chief Executive George Arison said.
Mr. Arison, the former chief executive and founder of used car e-commerce platform Shift Technologies Inc., was named chief executive of Grindr earlier this year. The company's chief financial officer is Vanna Krantz, the former financial chief of Disney Streaming Services.