Glu Mobile Prices $30 Million Public Offering of Common Stock
30 May 2014 - 11:00PM
Business Wire
Glu Mobile Inc. (NASDAQ:GLUU), a leading global developer and
publisher of free-to-play games for smartphone and tablet devices,
priced an underwritten public offering of 8,575,000 shares of its
common stock at $3.50 per share for gross proceeds of approximately
$30.0 million. Glu has also granted the underwriters a 30-day
option to purchase up to an additional 1,286,250 shares of common
stock to cover overallotments, if any. The offering is expected to
close on June 4, 2014, subject to satisfaction of customary closing
conditions.
Glu expects to receive net proceeds of approximately $27.8
million from the sale of common stock, after deducting the
underwriting discounts and estimated offering expenses. Glu intends
to use the net proceeds from the offering for working capital and
other general corporate purposes, including the acquisition of, or
investment in, companies, technologies, products or assets that
complement Glu’s business.
Cowen and Company, LLC and Stifel are acting as the joint
book-running managers for the offering and Needham & Company
and Northland Securities, Inc. are acting as co-managers for the
offering.
The offering is being made pursuant to an effective shelf
registration statement previously filed with the Securities and
Exchange Commission (SEC). A final prospectus supplement and
accompanying prospectus describing the terms of the offering will
be filed with the SEC. Before investing in Glu, you should read the
prospectus supplement and the accompanying prospectus, and other
documents that Glu has filed or will file with the SEC, for
information about Glu and this offering.
When available, copies of the final prospectus supplement and
accompanying prospectus relating to the offering may be obtained by
contacting Cowen and Company, LLC, c/o Broadridge Financial
Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn:
Prospectus Department, or by calling (631) 274-2806), or Stifel,
Attention: Prospectus Dept., One Montgomery Street, Suite 3700, San
Francisco, California 94104, or by calling (415) 364-2720. The
final prospectus supplement and accompanying prospectus also will
be available on the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any of the securities, nor shall
there be any sale of these securities, in any state in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
Forward-Looking Statements
This press release contains certain "forward-looking statements"
related to the business of Glu Mobile Inc., which can be identified
by the use of forward-looking terminology such as "believes,"
"expects," "plans" or similar expressions, including expectations
regarding the completion of and anticipated proceeds from the
proposed public offering, and the planned use of such proceeds.
Such forward-looking statements involve known and unknown risks and
uncertainties, including, but not limited to, whether or not Glu
will consummate the offering, the anticipated use of the proceeds
of the offering, which could change as a result of market
conditions or for other reasons, and the impact of general
economic, industry or political conditions in the United States or
internationally. Certain of these risks and uncertainties are or
will be described in greater detail in our public filings with the
SEC. Glu is not under obligation to (and expressly disclaims any
such obligation to) update or alter its forward-looking statements
whether as a result of new information, future events or
otherwise.
Investor Relations Contact:ICR, Inc.Seth Potter,
646-277-1230ir@glu.com
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