SAN FRANCISCO (AP) — Mobile game maker Glu Mobile Inc. on Thursday priced its underwritten public offering of 6.3 million shares of its common stock at $2.10 per share.
The price represents a 13 percent discount to Glu Mobile's closing stock price of $2.41 on Wednesday. The shares fell 6 cents, or 2.5 percent, to $2.35 in premarket trading about 30 minutes ahead of the market opening.
Glu also granted the offering's underwriters a 30-day option to buy up to an additional 945,000 shares of common stock to cover possible overallotments. The offering is expected to close on Tuesday.
Glu said it expects its net proceeds from the sale to total about $12.1 million, after the deduction of underwriters' discounts and other estimated offering expenses, which will be used for working capital and other general corporate purposes.
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