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Art Technology Group, Inc. (Nasdaq: ARTG) rose 11/16 to 48 11/16 Thursday after the company shelved a plan to sell 4 million common shares in a secondary offering.
Shareholders had been planning to sell another 725,000 shares in the offering, which the e-commerce software company said it canceled because of "current stock market conditions."
With $46 million in cash and equivalents on hand, "we believe it is not in the best interests of the company to complete the offering at this time," said chief executive officer Jeet Singh.
Art Technology filed with the U.S. Securities and Exchange Commission just last month to sell the shares, saying it wanted to use the $331.2 million in net proceeds for working capital and other general corporate purposes, including possible acquisitions.
Separately Thursday, Art Technology said InfoSphere, Inc., a Fort Worth, Texas-based Internet consulting company, will use its Dynamo software in a new e-commerce Web site.
The company also said it had been named No. 105 on the Deloitte & Touche Technology Fast 500, a list of the fastest growing North American technology companies. A day earlier, Art Technology was added to the Standard 100, an index that trades on the American Stock Exchange and is designed to track the Internet economy.
The company reported third-quarter income of 7 cents per share, as revenue jumped 472 percent from a year earlier. The company has boosted its international marketing and sales efforts in recent months, a strategy Singh said is paying off.
Art Technology, based in Cambridge, Massachusetts, makes e-commerce and customer relationship management software. Company shares are down from a 52-week high of 126 7/8, but are above a 52-week low of 28 5/8.
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