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San Francisco, Aug 23, 2014 - (ACN Newswire) - Glu Mobile Inc. (NASDAQ: GLUU), a leading global developer and publisher of free-to-play games for smartphone and tablet devices, today announced that the company has completed the acquisition of Cie Games - creators of Racing Rivals and Car Town.
"We are excited to officially add Cie Games to Glu's growing portfolio for total consideration of approximately $80.8 million valued as of the August 20th closing date. We look forward to anticipated continued growth of Racing Rivals and the relaunch of Car Town on mobile," said Niccolo de Masi, Glu CEO.
In connection with the closing of the acquisition, Glu issued in exchange for all of the issued and outstanding shares of Cie Games an aggregate of (1) approximately $30 million in cash and (2) 9,982,886 shares of Glu's common stock (valued at approximately $50.8 million as of the closing date), for total consideration of approximately $80.8 million valued as of the closing date.
Glu also announced that the company has issued restricted stock units covering an aggregate of 244,800 shares to 49 newly acquired employees as part of the Cie Games acquisition. Each of these restricted stock units was issued from the company's 2008 Equity Inducement Plan and vests on a four-year schedule, with 25% of the underlying shares vesting on August 15, 2015 and an additional 6.25% of the underlying shares vesting quarterly thereafter.
Glu's Compensation Committee adopted the 2008 Equity Inducement Plan, which is a non-stockholder approved plan, to facilitate the granting of stock options as an inducement material to new employees joining Glu. NASDAQ Marketplace Rule 5635(c)(4) requires a public announcement of equity awards under this type of plan.
About Glu Mobile
Glu Mobile (NASDAQ:GLUU) is a leading global developer and publisher of free-to-play games for smartphone and tablet devices. Glu is focused on creating compelling original IP games such as CONTRACT KILLER, DEER HUNTER, DINO HUNTER: DEADLY SHORES, ETERNITY WARRIORS, and FRONTLINE COMMANDO, and branded IP games including KIM KARDASHIAN: HOLLYWOOD, ROBOCOP: THE OFFICIAL GAME, and HERCULES: THE OFFICIAL GAME, on a wide range of platforms including iOS, Android, Windows Phone, and MAC OS. Glu's unique technology platform enables its titles to be accessible to a broad audience of consumers globally. Founded in 2001, Glu is headquartered in San Francisco with a major office outside Seattle, and international locations in Canada, China, India, Japan, Korea, and Russia. Consumers can find high-quality entertainment wherever they see the 'g' character logo or at www.glu.com. For live updates, please follow Glu via Twitter at www.twitter.com/glumobile or become a Glu fan at http://www.Facebook.com/glumobile.
RACING RIVALS, CAR TOWN, CONTRACT KILLER, DEER HUNTER, ETERNITY WARRIORS, FRONTLINE COMMANDO, GLU, GLU MOBILE and the 'g' character logo are trademarks of Glu Mobile Inc.
Cautions Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" related to the business of Glu Mobile Inc., including statements regarding the anticipated continued growth of Racing Rivals and the relaunch of Car Town on mobile. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Investors should consider important risk factors, which include: the risk that Glu will be unable to successfully integrate Cie Games and its employees and achieve expected synergies, the risk that Glu will have difficulty retaining key Cie Games employees; the risk that consumer demand for smartphones, tablets and next-generation platforms does not grow as significantly as we anticipate or that we will be unable to capitalize on any such growth; the risk that we do not realize a sufficient return on our investment with respect to our efforts to develop free-to-play games for smartphones, tablets and next-generation platforms, the risk that we will not be able to maintain our good relationships with Apple and Google; the risk that our development expenses for games for smartphones, tablets and next-generation platforms are greater than we anticipate or that we encounter development delays; and the risk that the mobile games market, particularly with respect to free-to-play gaming, is smaller than anticipated; and other risks detailed under the caption "Risk Factors" in our Form 10-Q filed with the Securities and Exchange Commission on August 11, 2014 and our other SEC filings. You can locate these reports through our website at http://www.glu.com/investors. We are under no obligation, and expressly disclaim any obligation, to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
Media Contacts:
Jason Enriquez
Glu Mobile Inc.
PR@glu.com
+1-415-800-6263
Investor Relations:
Seth Potter
ICR Inc.
IR@glu.com
+1-646-277-1230
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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Glu Mobile Inc. via Globenewswire
Topic: Earnings
Source: Glu Mobile Inc.
https://www.acnnewswire.com
From the Asia Corporate News Network
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