Loading...
Loading...
Shares of
Glu Mobile Inc.GLUU were trading higher by nearly 2 percent early Monday afternoon after the company's Board of Directors
authorized a share buyback program.
Glu Mobile, a developer and publisher of games for smartphones and tablets, announced that its Board of Directors plans t acquire up to $50 million of its outstanding stock.
Glu Mobile noted that the repurchase program will be funded using working capital. The company held $182.3 million in cash and cash equivalents as of September 30, 2015.
"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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
