Glu Mobile to sell 7.3 million shares in discounted offering

Social game publisher Glu Mobile will sell at least 7.3 million shares of its common stock at a price of $2.05 per share, a 12 percent discount compared to the firm's Monday close of $2.34. Roth Capital Partners, LLC is acting as sole bookrunner for the public offering. Glu said it will use proceeds from the sale to fund development of its social gaming community.

In November 2010, Glu Mobile posted Q3 2010 revenues of $15.5 million, compared to $19.6 million a year ago; the firm reported losses of $1.6 million, an improvement from $4 million in Q3 2009. "During the third quarter, we were able to sequentially grow smartphone revenues by 12 percent, micro-transactions and in-game advertising by 98 percent as well as monthly active users by 15 percent," Glu CEO Niccolo de Masi said in a prepared statement, adding the company plans to introduce five to six new social, persistent titles every quarter beginning in the fourth quarter.

Last week, Glu inked a new partnership with visual computing technologies developer Nvidia to create a series of new Android smartphone and tablet titles. According to Glu, the new games will leverage Nvidia's Tegra 2 mobile superchip, which employs a dual-core central processing unit to deliver faster mobile web browsing, hardware accelerated Flash and console-quality gaming with an ultra-low power GeForce graphics processing unit. Glu has already introduced close to two dozen Android games.

For more:
- read this release

Related articles:
Glu Mobile inks Android gaming partnership with Nvidia
Gaming firms Glu, EA narrow quarterly losses
GetJar gives away premium Glu games for free
Glu Mobile raises $13.5 million in private placement