The $18-per-share offer was proposed by major shareholders Ray Zage and James Lu.
Shares of Grindr (GRND) sank on Monday after the company disclosed that its Board of Directors’ Special Committee decided to hit pause on the proposed buyout from major shareholders Ray Zage and James Lu.
GRND’s stock dipped as much as 8% in pre-market trade. On Stocktwits, retail sentiment around the company fell to ‘bearish’ from ‘bullish’ territory over the past day, with chatter at ‘high’ levels.
Zage and Lu, along with affiliated entities, collectively own more than 60% of Grindr’s shares. They had offered $18 per share to take the company private. The committee said the decision to halt the proposal stemmed from “continued uncertainty as to the financing” behind the transaction.
The company said the committee also asked for details on the financing behind the proposal, but didn’t receive satisfactory information, prompting the pause in discussions.
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