In the pre-market trading, Eastman Kodak Co (KODK) stock soared more than 62% to reach $12.22 following the article published by the Wall Street Journal that Fed found no irregularities about the frozen U.S. government loan.
The U.S. Attorney General. According to the report, the International Development Finance Corp (DFC), which oversaw the loan, told Democratic lawmakers that it did not see any proof that department executives had any conflicts of interest in the plans.
Kodak’s stock had bounced up and down since July when it revealed that it would secure a $765 million loan to manufacture medicinal ingredients for future COVID-19 drugs. However, the process has slowed since Democratic policymakers raised questions over potential insider dealing at the launch time.
The day before the announcement that catapulted the stock to $30 a share from $2 over three sessions, there was heavy trading volume. Executives made a windfall when the stock soared more than 1,000 percent in the weeks following the news, partially due to institutional investors in the Robinhood Trading System piled up in the company.