Company plans to use proceeds for working capital, corporate purposes
By Devika Patel
Knoxville, Tenn., Sept. 17 - Glu Mobile Inc. said the underwriters for its public offering of stock opted to exercise the deal's $1.99 million greenshoe in full for total proceeds of $15.22 million. The deal was announced Sept. 11 and priced for $13.23 million with the greenshoe on Sept. 12.
The company sold 7,245,000 common shares at $2.10 apiece. The price per share is a 12.86% discount to the Sept. 11 closing share price of $2.41. Of the shares, 945,000 were part of the fully exercised greenshoe.
Canaccord Genuity Inc. was the bookrunning manager.
Proceeds will be used for working capital and other general corporate purposes, including growing its third-party publishing business and further investing in its GluOn games-as-a-service technology platform.
San Francisco-based Glu Mobile publishes games for mobile devices.
| Issuer: | Glu Mobile Inc.
|
| Issue: | Common shares
|
| Amount: | $15,214,500 (including $1,984,500 greenshoe exercise)
|
| Shares: | 7,245,000
|
| Price: | $2.10
|
| Warrants: | No
|
| Bookrunner: | Canaccord Genuity Inc.
|
| Co-managers: | Needham & Co., LLC and Roth Capital Partners, LLC
|
| Announcement date: | Sept. 11
|
| Pricing date: | Sept. 12
|
| Settlement date: | Sept. 17
|
| Stock symbol: | Nasdaq: GLUU
|
| Stock price: | $2.41 at close Sept. 11
|
| Market capitalization: | $151.65 million
|
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