Eastman Kodak Company (NYSE: KODK) Message Board

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Technology Stocks : Eastman Kodak Company (NYSE: KODK)

KODK 6.340

-0.3%

Oct 31 9:30 AM EDT

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From: Sr K	8/10/2020 10:15:13 PM
	of 484

4:35 PM Snip Eastman Kodak Co. KODK shares lost more than a quarter of their value Monday after news that a planned $765 million loan to the company was put on hold as the deal has come under congressional and regulatory scrutiny. The U.S. International Development Finance Corp. announced plans last month to loan Kodak the funds to produce drug ingredients at its factories. But in a tweet late Friday, the agency said that “recent allegations of wrongdoing raise serious concerns. We will not proceed any further unless these allegations are cleared.” A Kodak spokeswoman said Monday that it “appreciates and supports” the decision by the agency to await clarification before moving forward with the process. The company said on Friday it would launch an internal review. Monday, shares of Kodak fell 28% to $10.73, after losing as much as 43% earlier in the session. The stock ended 2019 at $4.65, was trading below $3 for much of the year before hitting a high this year of $60 following news of the loan. The Securities and Exchange Commission is investigating how Kodak controlled disclosure of the loan, word of which began to emerge on July 27, causing Kodak’s stock price to rise 25% that day. The SEC is also expected to examine the stock options granted to executives on July 27. The option grants instantly became profitable, at least on paper, after Kodak’s loan became public.

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