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Penny stock Voltari Corp (NASDAQ: VLTC) was up big time Wednesday morning following revelations that Carl Icahn now owns 52.3 percent of the company. Most recently, Icahn acquired around four million shares through a rights offering at an average price of $1.36.
However, news of Icahn's involvement is not new; the activist investor previously owned 29.8 percent of the company with interest going back to mid-2007 when the company was known as Metricity.
Even with Wednesday's move, Voltari is more than 25 percent lower than it was just a year ago and 97 percent lower than it was in 2010.
Shares of Volatari traded recently at $2.52, up 150 percent.
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