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The West Hollywood-based queer dating app Grindr could soon go private after the chair of the board submitted a buyout bid and stepped down from his position.

James Lu, who served on Grindr’s board for more than five years, said last week he was resigning to focus on personal business pursuits. In October, Lu and fellow board member Ray Zage made an offer to take Grindr private in a nearly $3.5-billion deal.

Lu and Zage collectively own 60% of Grindr’s outstanding shares and offered to buy the rest for $18 each in cash. Shares were valued at around $15 each in midday trading Monday.

“My decision to resign from the Board is not a reflection of my views on Grindr,” Lu wrote in a

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