Benchmark Boosts PT on Glu Mobile (GLUU) to $7.93; S-3 Simply Related to Cie Games Acquisition
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Benchmark raises its price target on Glu Mobile (Nasdaq: GLUU) from $5.60 up to $7.93 and affirms its Buy rating.
Analyst Mike Hickey offered the following commentary following Glu Mobile's S-3 filing made Thursday night:
The Company is not issuing any new shares in connection with this Form S-3. The S-3 covers the potential resale of shares issued on August 20th pursuant to the Company’s acquisition of Cie Games. These shares are not yet freely tradable and will not be freely tradable until the Form S-3 registration statement is declared effective by the SEC. The Company cannot request effectiveness on the Form S-3 until they file certain audited financial statements of Cie Games, which are required to file on a Form 8-K/A by November 5, 2014, although they could potentially file earlier. Once the registration statement is declared effective by the SEC, approximately 7.8 million of the 9.9 million shares issued in the Cie Games acquisition would become freely tradable, subject to daily volume restrictions. The remaining 2.1 million shares are being held back by the Company to satisfy potential indemnification obligations through February 20, 2016.
For an analyst ratings summary and ratings history on Glu Mobile click here. For more ratings news on Glu Mobile click here.
Glu Mobile closed at $5.32 yesterday.
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