Selectica shareholder Versata Enterprises tests rights agreement with purchase of additional shares

By Lisa Kerner

Charlotte, N.C., Dec. 22 - Selectica, Inc. investor Versata Enterprises, Inc. bought 154,061 shares of the company's stock on Thursday and Friday for $120,809, prompting the company to file a complaint in the Court of Chancery of the State of Delaware on Sunday.

According to a schedule 13D/A filed with the Securities and Exchange Commission, Selectica is seeking a declaratory judgment as to the validity of its previously announced rights agreement.

Versata became an acquiring person under the rights agreement, beneficially owning 1,913,072 shares, or 6.7%, of San Jose, Calif., internet software development company.

In November, it was reported that Selectica adopted an amendment to its rights agreement, making Versata's ability to acquire additional shares uncertain. Versata had proposed acquiring some or all of Selectica's assets.

Selectica lowered the beneficial ownership percentage of the rights plan to 4.99% from 15%, a prior SEC filing said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.