Grindr Stock Surges 10% As Company Reportedly May Go Private

Topline

Shares of Grindr were up as much as 11% on Monday afternoon after Semafor reported shareholders are considering taking the company private in a deal that would value the LGBTQ dating app at $3 billion.

Raymond Zage and James Lu, majority shareholders in Grindr, are seeking to take the company private after Temasek, a private lender which made personal loans to at least one of the two men, reportedly seized some shares last week and sold them.

Grindr’s owners are now in a "precarious personal financial position,” Semafor reported, and are discussing a buyout price of up to $15 per share, which would value the company at around $3 billion.

Shares were trading at $13.18 as of just after 1:45 p.m. EDT on Monday, up 10.2% on the day.

This is a developing story and will be updated.