Shares in Glu Mobile (GLUU) pulled back 3% in after-hours trading on Tuesday after the company announced that it intends to offer $100 million of its common stock in an underwritten public offering.In addition, Glu expects to grant the underwriters a 30-day option to purchase up to an additional $15 million of its common stock. All of the shares are being offered by Glu.Glu intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include potential acquisitions and strategic transactions.Goldman Sachs & Co. LLC, Morgan Stanley and UBS Investment Bank are acting as joint book-running managers for the proposed offering. Cowen, Wedbush Securities and Roth Capital Partners are acting as co-managers.The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering, GLUU said.Shares in GLUU have exploded 65% year-to-date, and analysts have a cautiously optimistic Moderate Buy consensus on the stock with 7 recent buy ratings, 1 hold and 1 sell. Meanwhile the average analyst price target stands at $10, for upside potential of 5%. (See Glu stock analysis on TipRanks).Indeed, on May 28, GLUU announced an increase to prior Q2 guidance based on ongoing momentum across its live game portfolio, and the Q2 bookings and adjusted EBITDA raises were passed through to FY:20 guidance.“We continue to remain encouraged by these trends helping to strengthen GLUU’s bookings base, ahead of multiple growth catalysts still on the horizon for 2H20/FY21” stated Roth Capital’s Darren Aftahi on May 29 as he praised the company’s ‘diversified game portfolio.’Related News: Lyft Rises 5% After-Hours On Strong May Performance Zoom Lifts Full-Year Sales Guidance As Quarterly Revenue Balloons 169% Carl Icahn Initiates Position in Delek US Holdings, Boosts Occidental Petroleum More recent articles from Smarter Analyst: * Quest Sees Q2 EPS In Range Of Breakeven To Profitable On Testing Volume Recovery * Facebook And PayPal Invest In Indonesian App Gojek * TUI Strikes Compensation Deal With Boeing Over 737 MAX Jets * Google In $5 Billion U.S. Lawsuit For Collecting Users’ ‘Private’ Internet Data
