Selectica pops on withdrawal of offering

Selectica, Inc. (Nasdaq: SLTC) rose 18 percent Friday on news it was withdrawing plans for a secondary offering of four million shares.

Shares were up 8 to 52 1/4 Friday morning, following news announced after Thursday's bell. The company made a big splash with its initial public offering in March.

The company's Board of Directors said it decided not to pursue the proposed offering due to its stellar second quarter results. Its quarter showed an increase of pro-forma revenues of approximately 800 percent over the first quarter to $10.8 million. The acquisition of Wakely Software also brought the company $185 million in cash and short-term investments.

Selectica added that it does not "feel that (its) current stock price properly reflects (its) company's market opportunity."