by Wolf Richter
Wolf Street
I mean, like within hours and days, rather than weeks and months. But the SPAC sponsors want make some money.
Grindr, which describes itself as “the world’s largest social network for the LGBTQ community,” went public via merger with a SPAC on November 18, 2022. On that first day as a public company, the shares shot from the price of the pre-merger-SPAC of $11.63 to an intraday high of $71.51, at which point the collapse started, and 7 trading days into it, the shares had kathoomphed by 91% from that high, and today, 12 trading days into, they’re still down 91%, at $6.37. This chart is just nuts: