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Yahoo BusinessAug 10, 2020
Kodak Plunges as Government Loan on Hold Pending Probes
(Bloomberg) -- Eastman Kodak Co. shares plunged Monday after a federal agency announced it was suspending a $765 million loan to help the former film company produce Covid-19 drugs, pending the outcome of investigations into potential wrongdoing.The International Development Finance Corporation said in a tweet Friday night that "recent allegations of wrongdoing raise serious concerns. We will not proceed any further unless these allegations are cleared." Congress and the U.S. Securities and Exchange Commission are investigating the deal, and Kodak's board said Friday it's also opening a review of the loan disclosure.The stock tumbled as much as 43% before being briefly suspended due to excessive volatility. It was down 30% to $10.42 at 9:57 a.m. in New York. Kodak has seen extreme moves in its share price since the development bank loan was officially announced July 28. The SEC is looking into whether the company broke the law by telling some news outlets about the planned loan before informing investors, a person familiar with the matter has said. The regulator is also looking into stock awards granted by Kodak.The Rochester, New York-based company's stock jumped 25% on July 27 when local media reported the deal was in the works and continued soaring after the formal announcement a day later. Kodak shares have surged to as high as $33.20 from $2.10 before news of the loan leaked.The development bank loan was the first of its kind under the Defense Production Act in collaboration with the U.S. Department of Defense

Yahoo BusinessAug 09, 2020
Kodak $765M Federal Loan For Generic Drugs Paused Until Allegations Are Probed
The federal government is halting a $765 million loan to Eastman Kodak Company (NYSE: KODK) for its generic drug-making foray until the company is cleared of insider trading allegations.What Happened "On July 28, we signed a Letter of Interest with Eastman Kodak. Recent allegations of wrongdoing raise serious concerns," the United States International Development Finance Corporation said in a statement late Friday."We will not proceed any further unless these allegations are cleared."The independent federal agency had signed a letter of intent with the former photography giant for the loan, which was to be used to make drugs in short supply in the country.Why It Matters Kodak is reportedly facing an investigation from the U.S. Securities and Exchange Commission related to its disclosure of the loan on July 27, which caused the company's shares to surge 25% the same day.The commission is also said to be looking into stock options granted to Kodak executives, including the company's CEO Jim Continenza, according to the Wall Street Journal.The chief executive was granted options on 1.75 million shares, a day before the loan was disclosed, a quarter of which were vested on the day the loan was granted.Kodak announced an internal investigation to review matters related to the controversial government deal on Friday. Price Action Kodak shares fell almost 7.6% to $14.88 on Friday and declined another 0.54% in the after-hours session. See more from Benzinga(C) 2020 Benzinga.com. Benzinga doe
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