Glu Mobile To Issue 8.57 Mln Common Shares At $3.50 Per Share - Quick Facts

(RTTNews) - Glu Mobile Inc. (GLUU), a developer and publisher of free-to-play games for smartphone and tablet devices, Friday said it will issue 8.57 million common shares at $3.50 per share via an underwritten public offering.

The company has also granted the underwriters a 30-day option to buy up to an additional 1.28 million shares to cover any over-allotments. The offering is expected to close on June 4, 2014, subject to satisfaction of customary closing conditions.

Glu expects to receive net proceeds of nearly $27.8 million and intends to use it for working capital and other general corporate purposes, including the acquisition of or investment in companies, technologies, products or assets that complement its business.

Cowen and Company, LLC and Stifel are acting as the joint book-runners for the offering, while Needham & Company and Northland Securities, Inc. are acting as co-managers.