Glu Mobile (GLUU) Announces $50M Stock Buyback

Glu Mobile Inc. (NASDAQ: GLUU) 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.

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