Voltari Corporation (VLTC) is one of today’s most notable gainers, up as much as 160% to $2.55 on heavy trading volume. The move comes after activist investor Carl Icahn disclosed in a filing with the SEC that he now owns 52.3% of the company. Most recently, Icahn acquired around 4 million VLTC shares through a rights offering at an average price of $1.36.
News of Icahn’s involvement however, is not new. He has been investing in the New York-based mobile ad company since mid-2007, when it was known as “Motricity.” VLTC began trading this morning at $2.87 to currently trade $1.52 higher from the prior days close of $1.01. On an intraday basis it has got as low as $2.42 and as high as $3.09.
About 5.4 million shares of Voltari were traded by 10:44 a.m. EDT Wednesday, which dwarfs the company’s 3-month average trading volume of 56K shares a day.