Grindr Inc. (NYSE: GRND) has announced the "redemption fair market value" to be used in connection with the redemption of all of its outstanding public warrants and private placement warrants. The redemption fair market value has been determined to be $17.96 based on the date the notice of redemption was sent to holders of warrants.
In connection with the redemption, warrant holders may exercise their warrants until 5:00 p.m., New York City time, on the redemption date, which is February 24, 2025. They have the option to exercise their warrants for cash at an exercise price of $11.50 per share of common stock, or on a "cashless basis" in which case the holder will receive 0.361 shares of common stock per warrant.
The public warrants, listed on the New York Stock Exchange under the ticker symbol "GRND.WS," will cease to be listed on the exchange effective at the close of trading on February 21, 2025, which is the trading day prior to the redemption date.
The shares of common stock underlying the warrants have been registered by Grindr under the Securities Act of 1933 and are covered by a registration statement filed with and declared effective by the Securities and Exchange Commission (Registration No. 333-268782).
As a result of the redemption, any warrants that remain unexercised as of 5:00 p.m., New York City time, on the redemption date will be void and no longer exercisable, with holders of those warrants entitled to receive $0.10 per warrant.
For further details, questions concerning redemption and exercise of the warrants can be directed to Continental Stock Transfer & Trust Company. Today the company's shares have moved 0.2% to a price of $18.13. Check out the company's full 8-K submission here.
