On March 25, 2019, Voltari Corporation announced that it has entered into an agreement and plan of merger with Starfire Holding Corporation, an affiliate of Carl C. Icahn and an affiliate of the Company’s controlling stockholders, High River Limited Partnership and Koala Holding LP, pursuant to which Starfire will acquire the Company. Pursuant to the merger agreement, upon completion of the transaction, each outstanding share of Company's common stock not owned by High River or its affiliates will be converted into the right to receive $0.86 per share in cash, without interest, and each outstanding share of the Company’s 13% Redeemable Series J Preferred Stock not owned by High River or its affiliates will be converted into the right to receive an amount in cash equal to the liquidation preference of the preferred stock plus prorated dividends, as more specifically set forth in the Company’s certificate of incorporation.