(RTTNews) – Grindr Inc. (GRND) confirmed that it received a letter from major shareholders Ray Zage, who also serves as a Board member, and James Lu, the Board Chair, expressing interest in exploring a potential going-private transaction. The proposed move would involve acquiring all outstanding common stock of Grindr.
Although no formal proposal has been submitted at this time, the Board has proactively formed a Special Committee composed of disinterested and independent directors. This committee will be responsible for evaluating any definitive and bona fide offer, should one be presented, including ensuring committed financing is in place. The Board and the Special Committee emphasized their commitment to acting in the best interests of all shareholders.
Meanwhile, Grindr said it remains focused on executing its three-year strategic plan and continuing to serve its unique and engaged user base. The company reaffirmed its dedication to delivering strong performance and maintaining the app’s vital role in the daily lives of its community.
GRND closed Tuesday’s regular trading at $12.74 down $0.50 or 3.78%. But in the after-hours trading the stock gained $0.65 or 5.10%.
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