(Reuters) -A consortium of Grindr ( GRND ) shareholders who own more than 60% of its outstanding shares, led by board members George Raymond Zage and James Fu Bin Lu, has submitted a non-binding proposal to take the LGBTQIA+ dating app private for about $3.46 billion.

Shares of the company were up over 22%.

Since its 2009 launch, Grindr ( GRND ) has evolved into one of the world's most recognized dating platforms for the LGBTQIA+ community, with millions of users in more than 190 countries.

The consortium has secured significant expressions of interest to participate in financing, including multiple highly confident letters and contributions of equity, and is confident that these sources will be fully sufficient to fund the acquisition, the shareholders said in a statement.

The offer of $18 per share represents a 51% premium over the stock price on October 10, the day prior to when shareholders first informed the company of their intention to explore a going-private transaction, they said.

Grindr ( GRND ) did not immediately respond to a Reuters request for comment.

Zage and Lu originally acquired Grindr ( GRND ) in June 2020, and led the company's public listing in November 2022. They have each served on the Grindr ( GRND ) board of directors since the acquisition, with Lu serving as chairman during that time.

The move could give Zage and Lu greater control at a time when online dating companies are under immense pressure to rekindle growth.

Industry leaders such as Tinder-parent Match Group and Bumble have wrestled with slowing user additions and rising criticism of "swiping fatigue," as younger users experiment with AI-driven and niche matchmaking alternatives.