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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. Shares of Voltari common stock trade on the Nasdaq under the symbol VLTC.
 | |
| Company type | Public Company |
|---|---|
| Nasdaq: VLTC | |
| Industry | Commercial Real Estate |
| Founded | 1 January 2001  |
| 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 |
| Website | www.voltari.com |
History
editVoltari 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
editOn 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, the original term of which expires in June, 2020 (with two, five-year renewal options).[citation needed]
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, the original term of which expires in December 2029 (with four, five-year renewal options and together with the Original Term)).[citation needed]
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.[citation needed]
Recent Developments
editOn 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.[citation needed]
Board of directors
editOn June 14, 2018, Voltari shareholders elected the following board members:
- Peter K. Shea
- Jaffrey (Jay) A. Firestone
- Sachin Latawa (2)
- Kevin Lewis
References
edit- ^ "Voltari Corporation Enters Into Definitive Merger Agreement to be Acquired by Affiliate of Carl C. Icahn for $0.86 per Share in Cash". Associated Press. 25 March 2019. Retrieved 17 June 2020.
2: Sachin Latawa is the Founder and CEO at Tirios. He previously managed $1 Billion Real Estate AUM at Icahn Enterprises, held M&A role at Fortress Private Equity, and among other organizations.