Voltari Corp. said the holders of the company's common stock approved the merger agreement with Starfire Holding Corp. at a special meeting held Sept. 24.
Voltari is now a wholly owned subsidiary of Starfire.
The meeting was originally scheduled for Aug. 20, which was postponed as the unaffiliated stockholder vote was not satisfied at the time.
The aggregate consideration paid in connection with the merger was about $5.1 million.
As part of the agreement, each outstanding share of Voltari's common stock was converted into the right to receive 86 cents per share in cash without interest, and each outstanding share of its 13% redeemable series J preferred stock was converted into the right to receive $62.06 per preferred share in cash without interest.
Upon the completion of the merger, SungHwan Cho and Keith Cozza were appointed to the board, and Cozza was appointed president and secretary of the company. Meanwhile, Peter Shea, Jaffrey Firestone, Kevin Lewis and Sachin Latawa resigned from Voltari's board, while Kenneth Goldmann and Peter Kaouris resigned as the principal executive officer and chief accounting officer, respectively.
