Market Overview

Carl Icahn Micro-Cap Voltari Spikes Mysteriously


Voltari Corp (NASDAQ: VLTC) shares spiked Thursday and were up at one point by 20 percent without an apparent catalyst.

The micro-cap mobile marketer traded recently at $7.72, down $0.25.

Whatever the cause of Thursday's move may be, Voltari shares have gained a remarkable 913 percent since the end of March, when investor Carl Icahn boosted his holdings in the company.

Icahn holds a 52.3 percent stake in Voltari and acquired nearly all of a rights offering on 4.3 million shares, which expired March 20.

Icahn boosted his stake in the company to 32 percent in 2012, when it was known as Motricity.

Voltari had 58 full-time employees as of December 31 and posted 2014 revenue of $3.9 million with a net loss of $13.9 million.

Voltari's board includes Icahn son-in-law Hunter Gary, as well as Icahn Enterprises Director James L. Nelson and Andrew Roberto, an Icahn Enterprises analyst.

As of the company's August 2014 proxy statement, Icahn's son Brett served as a Voltari board member.

Posted-In: Carl IcahnNews Rumors Intraday Update Movers


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