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What I'm about to explain is not straightforward. It's a convoluted situation and that's likely the reason why it's available at venture capital valuations. The stock is Voltari Corporation (VLTC).

Reorganization

Voltari corporation is the result of a recent merger between Voltari and Motricity, where Motricity shareholders, preferred shareholders and warrant holders got Voltari shares in exchange for their previous Motricity positions.

After this merger took place, Voltari undertook a 1-for-10 reverse split, reducing the existing share base substantially and increasing the share price. This also allowed Voltari to regain listing compliance with Nasdaq.

Even so, Voltari trades at the deep end of a years-long downward trend, a trend which took it to a market...

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