Voltari Corp (

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

: 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 thoroughfare in the borough (New York City), borough of Manhattan in New York City. The avenue runs south from 143rd Street (Manhattan), West 143rd Street in Harlem to Washington Square Park in Greenwich Village. The se ...

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

. 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 (li ...

. After

Carl Icahn Carl Celian Icahn (; born February 16, 1936) is an American businessman and investor. He is the founder and controlling shareholder of Icahn Enterprises, a public company and diversified conglomerate holding company based in Sunny Isles Beach, ...

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 in Monmouth County, in the U.S. state of New Jersey. As of the 2020 United States census, the city's population was 31,667, an increase of 948 (+3.1%) from the 2010 census count of 30,719, which in turn reflect ...

. The property is subject to a triple net lease with

JPMorgan Chase JPMorgan Chase & Co. (stylized as JPMorganChase) is an American multinational financial services, finance corporation headquartered in New York City and incorporated in Delaware. It is List of largest banks in the United States, the largest ba ...

, 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 Flanders is a Hamlet (New York), hamlet and a census-designated place (CDP) in Suffolk County, New York, Suffolk County, New York (state), New York, United States. The population was 4,472 at the 2010 census. It is the location of the Big Duck. I ...

. The property is subject to a double net lease with

7-Eleven 7-Eleven, Inc. is an American convenience store chain, headquartered in Irving, Texas. It is a wholly owned subsidiary of Seven-Eleven Japan, which in turn is owned by the retail holdings company Seven & I Holdings. The chain was founde ...

, 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 List of capitals in the United States, capital city of the U.S. state of South Carolina. With a population of 136,632 at the 2020 United States census, 2020 census, it is List of municipalities in South Carolina, the second-mo ...

. 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 (2) *Kevin Lewis

References

2: Sachin Latawa is the Founder and CEO a
Tirios
He previously managed $1 Billion Real Estate AUM at Icahn Enterprises, held M&A role at Fortress Private Equity, and among other organizations.

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 Real estate companies established in 2012 2012 establishments in New York City