July 6th, 2010 by Arjan Olsder Posted in Companies & M&A | No Comments »
Yesterday, Glu has sold 13,495,000 new shares on the market at around $1.00. These shares have been bought by existing and ten new investors and give the company some new capital to work with.
Investors in this financing include certain members of Glu’s board of directors and/or their affiliates, including Greenway Capital (Matthew Drapkin), GGV Capital (Hany Nada) and New Enterprise Associates (A. Brooke Seawell).
“We are very pleased with the support of our stockholders in this private placement,” stated Niccolo de Masi, Chief Executive Officer of Glu. “The proceeds will significantly improve our capital structure as well as enable us to continue to execute on our new strategic plan of persistent, cross-platform mobile games.”
