Grindr board approves continued buybacks as largest shareholder surpasses 50% stake

Grindr Inc. (NYSE:GRND) disclosed Friday that its largest shareholder, G. Raymond Zage, III, has surpassed 50% beneficial ownership of the company’s outstanding common stock following recent share repurchases. The information is based on a statement in a press release filed with the Securities and Exchange Commission.

According to the filing, Grindr’s board had previously authorized a stock repurchase program of up to $500 million between March 7, 2025, and March 6, 2027. In August, company management notified the board that further share repurchases could result in Mr. Zage, a board member, reaching or exceeding 50% ownership. In response, the board formed a special committee of independent directors to evaluate the impact of the repurchase activity.

The special committee determined that continuing the buyback program, even if it resulted in Mr. Zage owning more than half the outstanding shares, was appropriate and authorized the repurchases. As a result of these actions, Grindr reported that, as of Friday, the total outstanding shares of common stock had been reduced to 187,032,103, and Mr. Zage’s beneficial ownership increased to approximately 50.11%. The company stated that Mr. Zage did not pay any consideration in connection with the repurchase activity or the resulting increase in his stake.

Since Grindr’s business combination with Tiga Acquisition Corp. in November 2022, Mr. Zage’s ownership had previously ranged from about 44.9% to 49.9%, including periods when unexercised warrants were considered. Some of Mr. Zage’s shares are subject to a pledge arrangement, as described in the company’s most recent proxy statement.

The company said it is not aware of any arrangements between Mr. Zage and other parties regarding board elections or company governance, aside from the noted pledge arrangements. Grindr’s common stock is listed on the New York Stock Exchange under the symbol GRND.

In other recent news, Grindr reported its second-quarter 2025 financial results, showing revenues of $104 million, slightly below the expected $105.11 million. The company’s earnings per share also missed forecasts, coming in at $0.10 compared to the anticipated $0.11. Despite these misses, Grindr maintained its full-year revenue guidance of at least 26% year-over-year growth. Analysts from JMP Securities lowered their price target for Grindr to $23 while maintaining a Market Outperform rating, citing a slight growth miss. Raymond James also adjusted its price target for Grindr to $20, noting the company’s results did not meet the typical beat-and-raise pattern. Meanwhile, Meta Platforms Inc. received a reaffirmation of its Market Outperform rating from Citizens JMP, with a price target of $900. This rating highlights the positive impact of web checkout systems on profitability, as discussed with third-party providers FastSpring and Paddle. These developments provide investors with key insights into the current performance and outlook for these companies.

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