Voltari Corp (

Nasdaq The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

: VLTC) is a company that engages in the business of acquiring, financing, and leasing commercial real properties. It is headquartered at 767

Fifth Avenue Fifth Avenue is a major and prominent thoroughfare in the borough of Manhattan in New York City. It stretches north from Washington Square Park in Greenwich Village to West 143rd Street in Harlem. It is one of the most expensive shopping stre ...

New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * '' ...

. Shares of Voltari common stock trade on the

under the symbol VLTC.

History

Voltari was formed in August 2012 as an operating business of Motricity. On April 10, 2013, upon completion of reorganization, Motricity became a wholly owned subsidiary of Voltari, which replaced Motricity as a

publicly held corporation A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (list ...

. After Carl Icahn acquired a controlling interest in the company in August 2015, the board of directors unanimously approved a plan to transform the company into a

commercial real estate Commercial property, also called commercial real estate, investment property or income property, is real estate (buildings or land) intended to generate a profit, either from capital gains or rental income. Commercial property includes office bu ...

business. Since the transformation began, Koala Holdings LP, an affiliate of Carl Icahn, has been financing Voltari’s acquisition of commercial real-estate properties. On 25 March 2019, Voltari Corporation has confirmed that it has entered into a Merger Arrangement and Plan with Starfire Holding Corporation, a Carl C. Icahn subsidiary and a member of the main owners of the company, High River Limited Partnership and Koala Holding LP, in which Starfire would purchase the company.

Real Property Acquisitions

On September 17, 2015, Voltari acquired a real estate parcel in

Long Branch, New Jersey Long Branch is a beachside City (New Jersey), city in Monmouth County, New Jersey, Monmouth County, in the U.S. state of New Jersey. As of the 2010 United States census, 2010 U.S. census, the city's population was 30,719,< ...

. The property is subject to a triple net lease with

JPMorgan Chase JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the ...

, the original term of which expires in June, 2020 (with two, five-year renewal options). On May 18, 2016, Voltari acquired a real estate parcel in Flanders, New York. The property is subject to a double net lease with

7-Eleven 7-Eleven, Inc., stylized as 7-ELEVE, is a multinational chain of retail convenience stores, headquartered in Dallas, Texas. The chain was founded in 1927 as an ice house storefront in Dallas. It was named Tote'm Stores between 1928 and 1946. A ...

, the original term of which expires in December 2029 (with four, five-year renewal options and together with the Original Term)). On April 23, 2018 Voltari acquired a real estate property in

Columbia, South Carolina Columbia is the capital of the U.S. state of South Carolina. With a population of 136,632 at the 2020 census, it is the second-largest city in South Carolina. The city serves as the county seat of Richland County, and a portion of the city ...

. The property is subject to a triple net lease with The McClatchy Company.

Recent Developments

On December 17, 2017, Icahn acquired an additional 1257 shares of Voltari's Series J Non-Convertible Preferred stock at $27.63 per share. Icahn now owns 52.7% of Voltari's outstanding, and 98% of the preferred shares, respectively.

Board of Directors

On June 14, 2018, Voltari shareholders elected the following board members: *Peter K. Shea *Jaffrey (Jay) A. Firestone *Sachin Latawa *Kevin Lewis

References

External links

* {{Official website, http://www.voltari.com/ Real estate companies of the United States Companies listed on the Nasdaq Companies based in New York City