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Investment veteran's SPAC Tiga Acquisition III withdraws $150 million IPO

May 19, 2022

Tiga Acquisition III, the third blank check company formed by Tiga Investments, withdrew its plans for an initial public offering on Thursday. It had originally filed in February 2021 to raise $300 million by offering 30 million units at $10, with each unit containing one share of common stock and one-fourth of a warrant, but cut its proposed deal size to $150 million the following July. The SPAC also had a $50 million forward purchase agreement with its sponsor.

Tiga Acquisition III was set to be led by CEO and Chairman Raymond Zage III, founder and CEO of Tiga Investments and former Managing Director and CEO of Farallon Capital Asia, and President and Director Ashish Gupta, Managing Director of Tiga Investments and a former Partner and Portfolio Manager at Farallon Capital Asia. 

Management's other SPACs include Tiga Acquisition II (TTO.U), which is currently on file to raise $200 million, and Tiga Acquisition (TINV; +2% from $10 offer price), which went public in November 2020 and has a pending merger agreement with LGBTQ+ social networking platform Grindr.

The Singapore-based company was founded in 2021 and had planned to list on the NYSE under the symbol TTRE.U. Credit Suisse and Goldman Sachs (Asia) were set to be the joint bookrunners on the deal.