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Newly public Grindr (NYSE:GRND) stock dropped 20% in afternoon trading Tuesday, hitting a new all-time low.
Shares of the LGBTQ social media platform opened at $8, reaching a high of $9 in early trading before falling to a new 52-week low of $6.52 in late afternoon. The stock recently changed hands at $6.57 at approximately 3:40 p.m. ET.
Grindr shares made their market debut on Nov. 18 following the dating app’s merger with SPAC Tiga Acquisition Corp. Shares of the combined company soared as much as 515% before closing at $36.50, up 214% from its pre-merger close. The stock then plunged on Nov. 19 and has been trending lower since.
Grindr agreed to merge with Tiga in May through a deal that valued the combined company at around $2.1B.
Image and article originally from seekingalpha.com. Read the original article here.