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Glu Mobile Completes Acquisition of PlayFirst
Posted in Company on Sep 3, 2014
Glu Mobile Inc. (GLUU), a leading global developer and publisher of free-to-play games for smartphone and tablet devices, today announced that the company has completed the acquisition of PlayFirst - creators of Diner Dash®, Cooking Dash®, Hotel Dash®, and Wedding Dash®.
"We are pleased to officially add PlayFirst to the Glu family and look forward to delivering new DASH products to a worldwide audience," said Niccolo de Masi, Glu CEO.
Glu also announced that the company has issued restricted stock units covering an aggregate of 218,000 shares to 29 newly acquired employees as part of the PlayFirst 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 May 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.