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Glu Mobile Inc. agrees to sell $13.5M of stock, warrants

Date Added: July 06, 2010 10:29:42 PM
Author: http://www.businessweek.com/
Category: Developers and Publishers

Mobile games company Glu Mobile Inc. said Tuesday that it agreed to sell $13.5 million worth of stock and warrants to 20 investors -- 10 of them current investors, and 10 of them new ones.

 

The company agreed to sell 13.5 million shares of stock at $1 per share and warrants to buy 6.7 million shares of stock that have an exercise price of $1.50 per share. The warrants can be exercised within the first five years of the deal's closing.

 

Glu said that shareholders, who beneficially own about 50.2 percent of its outstanding shares, participated in voting agreements with the private placement's head investor, agreeing to vote for the financing in a shareholder meeting.

 

Investors include some of Glu's board members and related companies, such as Greenway Capital and GGV Capital.

Glu shares fell 10 cents, or 7.7 percent, to close at $1.20.

 

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