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Glu’s public offering generated $15.2m in gross proceeds

Glu Mobile, which specialises in developing free-to-play games for smartphones and tablet devices, has announced that a public offering of shares raised gross proceeds of 15.2 million $ (€11.2 million).

In announcing the closing of an underwritten public offering, Glu said that 7,245,000 shares of common stock had been sold at $2.10 per share.

Glu received approximately $14 million from the sale after deducting the underwriters’ discounts and other expenses.

“The net proceeds from the offering will be used for working capital and other general corporate purposes, which may include growing Glu’s publishing business, further investment in the GluOn games-as-a-service technology platform and the acquisition of, or investment in, companies, technologies, products or assets that complement Glu’s business,” the company said.

Canaccord Genuity acted as the sole book-running manager for the offering and Needham & Company and Roth Capital Partners acted as co-managers for the offering.