Glu Mobile (GLUU) Completes Cie Games Acquisition

Glu Mobile (NASDAQ: GLUU) announced that the company has completed the acquisition of Cie Games - creators of Racing Rivals and Car Town.

"We are excited to officially add Cie Games to Glu's growing portfolio for total consideration of approximately $80.8 million valued as of the August 20th closing date. We look forward to anticipated continued growth of Racing Rivals and the relaunch of Car Town on mobile," said Niccolo de Masi, Glu CEO.

In connection with the closing of the acquisition, Glu issued in exchange for all of the issued and outstanding shares of Cie Games an aggregate of (1) approximately $30 million in cash and (2) 9,982,886 shares of Glu's common stock (valued at approximately $50.8 million as of the closing date), for total consideration of approximately $80.8 million valued as of the closing date.

Glu also announced that the company has issued restricted stock units covering an aggregate of 244,800 shares to 49 newly acquired employees as part of the Cie Games acquisition. Each of these restricted stock units was issued from the company's 2008 Equity Inducement Plan and vests on a four-year schedule, with 25% of the underlying shares vesting on August 15, 2015 and an additional 6.25% of the underlying shares vesting quarterly thereafter.

Glu's Compensation Committee adopted the 2008 Equity Inducement Plan, which is a non-stockholder approved plan, to facilitate the granting of stock options as an inducement material to new employees joining Glu. NASDAQ Marketplace Rule 5635(c)(4) requires a public announcement of equity awards under this type of plan.

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