March 16, 2024 · Form 4 insider transaction
Lu James Fu Bin sold 443,943 shares of Grindr Inc. at $2.96 per share, a transaction worth $1.31M. The trade was recorded as open-market sale and disclosed on an SEC Form 4, filed 3 days after the transaction.
The exercise price was determined by multiplying the volume weighted average price of the Issuer's Common Stock for the previous five consecutive trading days (the "Spot VWAP") as of December 15, 2023, which was $8.21 (the "Initial Spot VWAP"), by 110%. The Initial Spot VWAP, and as a result, the exercise price may be adjusted for certain pre-specified events, including stock splits, stock dividends, and if at any time the then Spot VWAP is less than or equal to 80% of the Initial Spot VWAP (or, if previously adjusted, such adjusted Initial Spot VWAP).; The number of shares into which the option may be exercised will be based on the sum of the principal amount (including any capitalized interest and disregarding any prepayments or redemptions) plus accrued interest and any make-whole interest, if applicable of a certain note at the time of the option exercise divided by the exercise price. The note was issued on December 15, 2023 with a principal amount of $3.6 million and accrues interest at SOFR plus 13.0% per annum. The note matures on December 31, 2024. The shares shown reflect the estimated number of shares into which the option could be exercised as of March 16, 2024.; The Option was issued by Longview Grindr Holdings Limited ("LGHL"). The Reporting Person is the sole equityholder of LGHL and exercises voting and investment power with respect to LGHL.