Voltari

Voltari Corp (NASDAQ: VLTC) is a company that engages in the business of acquiring, financing, and leasing commercial real properties. It is headquartered at 767 Fifth Avenue, New York, NY 10153. Shares of Voltari common stock trade on the NASDAQ Capital Market under the symbol VLTC.

Voltari
TypePublic Company
NASDAQ: VLTC
IndustryCommercial Real Estate
Headquarters
New York, New York, USA
Area served
Worldwide
Key people
Kenneth Goldman
Principal Executive Officer
Peter Kaouris
Principal Financial Officer
Peter K. Shea
Chairman
Sachin Latawa
Independent Director
Jaffrey Adam Firestone
Independent Director
Kevin Lewis
Independent Director
Websitewww.voltari.com

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.

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 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.[1]

Real Property Acquisitions

On September 17, 2015, Voltari acquired a real estate parcel in Long Branch, New Jersey. The property is subject to a triple net lease with JPMorgan Chase Bank, N.A. ("Chase"), 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, Inc. (“7-Eleven”), the original term (the “Original Term”) of which expires in December 2029 (with four, five-year renewal options (the “Renewal Term,” and together with the Original Term, the “Term”)).

On April 23, 2018 Voltari acquired a real estate property in Columbia, South Carolina. 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
  1. "Voltari Corporation Enters Into Definitive Merger Agreement to be Acquired by Affiliate of Carl C. Icahn for $0.86 per Share in Cash". AP News. 25 March 2019. Retrieved 17 June 2020.
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