* Says majority selling stockholder to not sell shares
* Shares rise 10 pct
Jan 26 Mobile data services seller Motricity
Inc MOTR.O withdrew a planned secondary offering, as its
largest stockholder Carl Icahn opted not to sell shares at this
time, sending its stock up 10 percent.
Icahn's decision to maintain his 11 percent stake is seen
as a mark of confidence in the company, which debuted on Nasdaq
in June last year.
Icahn Associates Corp owns about 4.4 million shares in
Motricity, according to Thomson Reuters data.
The company was not going to receive proceeds from the
proposed offering, unless the overallotment option to purchase
additional shares was exercised by the underwriter, it said.
Motricity counts wireless providers Verizon Communications
(VZ.N), AT&T Inc (T.N), Sprint Nextel Corp (S.N) and T-Mobile
among its customers.
Motricity shares, which have more than doubled over the
last six months, were up $1.12, or 6 percent, at $18.73 in
morning trade on Wednesday on Nasdaq. They touched a high of
$19.50 earlier in the session.
(Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by