Motricity reorganizes under Voltari mobile advertising brand
Motricity (NASDAQ:MOTR) will now operate under the Voltari mobile advertising brand after stockholders approved a reorganization plan during a special meeting Tuesday.
Moving forward, Motricity will do business as a wholly owned subsidiary of Voltari, and the firm will trade on the NASDAQ under the symbol "VLTC." With the transition to the Voltari brand, each outstanding share of Motricity common stock has been converted into one share of Voltari common stock.
Richard Stalzer, promoted from president of the Voltari unit to Motricity CEO in late 2012, will remain at the helm. All other Motricity executive officers and directors also will retain their current posts. The five-person Voltari board includes Brett Icahn, son of activist investor Carl Icahn, who owns approximately 16.5 percent of Motricity's outstanding shares; Hunter Gary, who is married to Icahn's wife's daughter, also sits on the firm's board.
Motricity first announced plans to restructure its business in early 2012, shifting away from its signature mobile content and data solutions to focus on the mobile advertising and enterprise space. In recent months the firm has rolled out V-Connect, a predictive analytics platform designed to help mobile advertisers more effectively identify and target audience demographics prior to launching campaigns, as well as Serrano Mobile, a cloud-based mobile marketing platform including campaign development, management and performance measurement tools.
The Motricity unit also continues providing value-added mobile data services to operator partners in the U.S. and Europe, including Verizon Wireless (NYSE:VZ).
- read this release
Motricity replaces interim CEO Smith with mobile media chief Stalzer
Motricity, Sprint end premium SMS aggregator deal
Motricity restructures to focus on mobile advertising, enterprise
Motricity acquires mobile marketer Adenyo for $100 million
Motricity founder/CEO Wuerch exits, Smith named interim chief
Motricity shuffles executive ranks as stock plummets