SAN FRANCISCO--(BUSINESS WIRE)--Glu Mobile Inc. (NASDAQ:GLUU), a leading global developer and publisher of free-to-play games for smartphone and tablet devices, today announced that its Board of Directors plans to adopt a stock repurchase program under which the company may repurchase up to $50 million of its outstanding common stock. The company expects to implement the repurchase program during its next open trading window that is currently scheduled to open following its upcoming February 3, 2016 earnings call.
"We are pleased that Glu’s strong balance sheet enables us to simultaneously enhance stockholder value through share repurchases while continuing to invest in internal and external opportunities that we believe will drive long-term growth. The repurchase program reflects our confidence in the future of our business and our belief in the true long-term value of the company," stated Niccolo de Masi, Chairman and Chief Executive Officer of Glu.
The company anticipates that the timing and amount of any shares repurchased will be determined by Glu’s management based on its evaluation of market conditions and other factors. Once adopted, the repurchase program may be suspended, discontinued or modified at any time.
The company expects that the repurchase program will be funded using Glu's working capital. As of September 30, 2015, Glu had cash and cash equivalents of $182.3 million and approximately 131.3 million shares of common stock outstanding.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements, including Glu’s intention to implement a program to purchase up to $50 million of its outstanding shares of common stock, the expected timing of the implementation of such repurchase program and the expected source of funding. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of Glu’s stock prevailing from time to time, the amount of Glu's cash commitments, the nature of other acquisition or investment opportunities presented to Glu from time to time, Glu’s cash flows from operations, general economic conditions, and other factors identified in Glu’s Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on November 9, 2015. Additional information will also be set forth in our future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that we make with the Securities and Exchange Commission. 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. 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.
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, COOKING DASH, DEER HUNTER, DINER DASH, DINO HUNTER: DEADLY SHORES, ETERNITY WARRIORS, FRONTLINE COMMANDO, RACING RIVALS, TAP SPORTS BASEBALL, and TAP SPORTS FOOTBALL, and branded IP games including KIM KARDASHIAN: HOLLYWOOD, KATY PERRY POP, JAMES BOND: WORLD OF ESPIONAGE, MISSION IMPOSSIBLE: ROGUE NATION and SNIPER X WITH JASON STATHAM on the App Store, Google Play, Amazon Appstore, Facebook, Mac App Store, and Windows Phone. 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 major U.S. offices outside Seattle and in Long Beach, 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.
CONTRACT KILLER, COOKING DASH, DEER HUNTER, DINER DASH, DINO HUNTER: DEADLY SHORES, ETERNITY WARRIORS, FRONTLINE COMMANDO, RACING RIVALS, TAP SPORTS BASEBALL, TAP SPORTS FOOTBALL, SNIPER X, GLU, GLU MOBILE, and the 'g' character logo are trademarks of Glu Mobile Inc.