Don't buy into the Grindr merger - you're just asking to get fucked

Submitted by fickdichdock t3_yyij0o in wallstreetbets

Grindr will start trading on the NYSE today and it got listed through a SP:AC. Usual shit happened and most shares of the SP:AC were redeemed, making it a low float garbage ticker. The lockup agreement on this turd is 100% open to anal penetration.

If you look up the SEC registration statement, you'll find this little nugget:

> However, following the expiration of such lockup, the Sponsor will not be restricted from selling shares of New Grindr stock held by them, other than by applicable securities laws. Additionally, neither the Forward Purchase Investors nor the Grindr unitholders party to the A&R Registration Rights Agreement will be restricted from selling any of their shares of New Grindr Common Stock following the closing of the Business Combination. As such, sales of a substantial number of shares of New Grindr Common Stock in the public market could occur at any time.

"Substantial" is underselling that 90% of the shares are going to be in that unitholders party category and up to 150 million shares can potentially be dumped on your asses soon.

There's another 10 million shares from the forward purchase agreement that can also be dumped, but that's almost pocket change in comparison.

Verdict: stay away as far as possible from this radioactive garbage as you can.

Edit: one thing I didn't check is whether the additional shares can be sold without a S-1 effective statement from the SEC? -> aaand I guess thats where I got this wrong.

Lmao wtf. It's still going to single digits, but not today.

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>TL;DR: Grindr IPO will have a huge secondary offering dump and you should stay the fuck away from this.

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VisualMod t1_iwuac1o wrote

>I'm not surprised that Grindr is a low float garbage ticker. I never liked that app anyway, it's just a hookup site for ugly people.

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Flordamang t1_iwubb76 wrote

I’ve got enough shit on my dick from the last 12 months of trading, all in on puts it is!

Damn…Up 400% that would been alotta shit if this thing had options.

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Doge-SAE t1_iwubpnn wrote

First time buying stock and needing to wear a condom at that the same time.

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JudgeJuryExecution_ t1_iwufk8s wrote

Similar to bumble. Stock will be 30% down next week. It's all a big scam. Don't invest you smoothed brain fucks.

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DropmDead t1_iwur4hi wrote

Lol, it's up 50% at open

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Sean_VasDeferens t1_iwuvoor wrote

Is there any way to short this? No options, no shares available at IBKR.

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aaaarrroon0 t1_iwuvx1c wrote

Check /r/Grindr and the recent reviews in the App Store…

The app users are demoralised by a shitty app that are possibly doing a smash and grab on their way out.

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Forn1catorr t1_iwv06gl wrote

Another hkd/megl esque pump incoming for hedge fucks liquidity?

0

twinkjelly t1_iwv1xbx wrote

I bought it prior to merger at 10. Not complaining that i sold at 44 this morning

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SARoss00 t1_iwv2770 wrote

That’s what he said?

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Federal_Ad_197 t1_iwv31pn wrote

Damnit I should have been an English cigarette and pulled my trigger

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CatsalsoCookies t1_iwv5jnx wrote

But.. so.. I uhh.. if we want to be fucked, we buy.. right? Am I correct?

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noggstaj t1_iwv97h5 wrote

Not that anything you'd posted would make me play this listing. But damn son, way to be wrong :)

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Monotoca t1_iwv9xlo wrote

You were so off on this. On a basic fundamental level, Grindr wasn't even that overvalued compared to the other dating companies. It has impressive growth, revenue, and much potential as the premier LGBT app in a liberalising world.

Plus, a massive redemption rate and a memeable well-known company (Gay sex) means it was a prime candidate for a deSPAC squeeze.

Unrestricted lockups don't mean anything, the owners were never going to dump 150m shares on the opening day - that'd destroy the ticker immediately.

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waxheartzZz t1_iwvd2qq wrote

Rumble way more attractive than this

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jcodes57 t1_iwve7tv wrote

How can I short them? No options, no shorts allowed for 90 days? :/

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MasterLawman t1_iwvixuc wrote

Classic hedgefund props up IPO, has a banger of a start then they short it the second everyone piled in on hype… bam rug pull….

When will this practice end? Its beyond nefarious

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fen-q t1_iwvv7fs wrote

They should've merged with a company that is working on the monkeypox vaccine.

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CyberNinja23 t1_iwvvz3n wrote

Just wait till it drops to $5 as is tradition. Then hope for a buyout from MTCH

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fickdichdock OP t1_iwvxva5 wrote

Replying to Monotoca (#568,224)

You can bet your ass that the insiders that lucked into holding this with a substantial amount of shares will sell some the minute they can. It hasn't happened yet = it's not possible for them yet. Price is elevated and its only elevated because of the small float.

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Iloveyourmomtoo t1_iww3x1q wrote

Lmao how did I only manage to sell at 70% when I was up 100% . Guess not gay enough.

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Tay_Tay86 t1_iww5w6r wrote

There's a new spac to short? Sign me up

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F7xWr t1_iwwnbl2 wrote

wow the double meaning!

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tonybloom t1_iwwnits wrote

New rules for wsb for all happy gays around to buy one stock. The meme capacity of this stock is priceless. Monday it I'll go up (LGBT++) will love to support something like this then it will dump.

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somo1230 t1_iwx5t0k wrote

It was $22 last time I checked it,,, no options and of course no short sale

We users should get dividends! Free shares too!! We worked our a$$ soo hard for many years! Without our a$$ grindr is nothing!

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FameTrigger t1_iwxr8ak wrote

fuck you and your stupid post. shit went tits up

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MinimumBattle1516 t1_iwxtowi wrote

Replying to Monotoca (#568,224)

I think the underlying stats and future estimates are pretty hyped.

BUT…if you got into the IPO…sincere congrats…I was in on Pets.com and Kozmo.com and bought a beach on Fire Island!!! If you’re in lock out I do suggest you wrap fingernails w tape.

Back to Grindr…

Global active users…11M… I spoke to a Grinder sales rep to get LA users for a possible ad buy… in the 2nd largest city and gay population in the US…50,000 active users…I was stunned. After 13 years of growth efforts.

Where does their revenue come from…adverting and Grindr Xtra…again after 13 yrs…Candy Crush is their biggest advertiser and most brands will never advertise on an a hook up site. Grindr Xtra is a bust.

Competitive landscape…Grindr is easily displaced by new apps…it’s already happening…just look at Sniffies and gays, et al. are fickle.

And who’s the investment bank behind hyping the stock… the pillar of financial integrity… Goldman Sachs.

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FukkenSaved t1_iwy1kc4 wrote

I thought people were over tech stocks that don't make money

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Monotoca t1_iwy2f6s wrote

Replying to MinimumBattle1516 (#575,307)

I've already sold a big portion off today, it's price is unsustainable. I'll consider buying in later after it dumps. But to address your points:

  1. LA has a metro population of 18m. The US has a 3.8% LGBT according to NPR, but I'll be generous and say LA has 6%, half of which are men. Pew research says 55% of gay men have used a dating app before. So now, we're at 18000000* 0.03* 0.55=297000.

So that means Grindr's active base is 16.8% of the total population. 1 in 6. That's a healthy size that still has potential for growth.

  1. Social media and dating apps don't have much competition. Unlike other businesses, quantity > quality. If all the people are on Grindr, you either put up with Grindr's service or go to a better app with no one on it. I doubt anyone can dethrone them as the gay app except Match Group/Bumble.

  2. Why is Grindr Extra a bust from the business perspective? Users may be unhappy, but that's not the core consideration - revenue is. Tinder users are profoundly unhappy too.

  3. Ads have never been a primary revenue source for any dating app. I still see much potential for Grindr, it's one of the only avenues to target messages specifically to LGBT crowds, unlike Tinder, which has a general base. Healthcare ads (e.g. Monkeypox services), queer events, etc. are perfect advertisers.

  4. Goldman Sachs is behind most listings anyway.

2

OddWeb4671 t1_iwziy0s wrote

Did you say I can get fucked on grinder?

1

hamiltonisoverrat3d t1_ix8w3b5 wrote

That reminds me when I went to Trader Joe’s. I was in the checkout lane and the cashier asked me if I had a grinder. I was a little taken back, blushed, and told him I was married. He said “for your coffee. Do you need your beans grinded or are you going to grind them at home”

1