Carl Icahn Plays The Penny Stock Game With Voltari

Penny stock Voltari Corp 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.