Once a darling of venture capitalists, Motricity is no more.
Well, at least as a name.
Motricity, formerly based in Durham before moving to Washington state and falling on hard times, has a different name but remains under the same management.
On Tuesday, Motricity shareholders approved a restructuring that renamed Motricity as Voltari Corporation. Voltari is the name of the company’s mobile media division, where the renamed venture plans to place its emphasis.
Shares of Motricity began trading today on the Nasdaq under the symbol VLTC.
Motricity shareholders received one share of stock in the renamed venture for each Motricity share owned.
Company management remains the same with CEO Richard Stalzer remaining in control. He took over as CEO in a management shuffle last November. Stalzer had led the Voltari division.
In 2011, Motricity had replaced co-founder Ryan Wuerch as chief executive officer after reporting huge financial losses.
Wuerch moved the company from Durham in 2008, the result being layoffs of most of the firm’s 350 Triangle workers. The company later went public.
