Glu Mobile (ticker: GLUU, exchange: NASDAQ Global Market (.O))
News Release -
Glu Prices Offering of $15 Million of Common Stock
SAN FRANCISCO, Jan 11, 2011 (BUSINESS WIRE) --
Glu Mobile Inc. (NASDAQ: GLUU), a leading global publisher of social
games for smartphone and tablet devices, priced a public offering of
7,317,074 shares of its common stock at $2.05 per share. Glu expects to
receive net proceeds of approximately $13.8 million from the sale of the
common stock. Glu has granted a 30-day option to the underwriters to
purchase up to an additional 1,097,561 shares to cover over-allotments.
The offering is subject to customary closing conditions and is expected
to close on Friday, January 14, 2011.
Glu plans to use the net proceeds of the offering primarily to
accelerate development of its global social gaming community.
Roth Capital Partners is acting as sole bookrunner for the offering with
Craig-Hallum Capital Group, Merriman Capital and Northland Capital
Markets acting as co-managers.
The offering is being made pursuant to a shelf registration statement
filed with the Securities and Exchange Commission (SEC) on November 12,
2010, which became effective on December 3, 2010. The offering will be
made by a preliminary prospectus supplement, has been filed with the
SEC, and a final prospectus supplement, which is being filed with the
Copies of the prospectus supplement may be obtained, when available,
from the offices of Roth Capital Partners by e-mail to firstname.lastname@example.org,
by fax to +1-949-720-7227, or by mail to 24 Corporate Plaza Drive,
Newport Beach, CA, 92660, Attention: Equity Capital Markets.
This press release does not constitute an offer to sell or solicitation
of an offer to buy any 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 or jurisdiction.
Glu Forward-Looking Statement
This press release contains certain "forward-looking statements" related
to the businesses 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 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 uncertainties relating to
execution market acceptance, future capital requirements, proprietary
intellectual property protection, competition in general and other
factors that may cause actual results to be materially different from
those described herein as anticipated, believed, estimated or expected.
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.
SOURCE: Glu Mobile Inc.
Glu Mobile Inc.
Michael Breslin, 415-630-0650
Seth Potter, 646-277-1230