Monday, August 17, 2020

Kodax (KODK.n) reeking mightily

A $765m government loan to Kodak has been put on hold as the SEC investigates the company’s disclosure of the deal, which was announced on July 28th. The stock was $2 for months but surged as high as $60 the day after the deal. Trading of Kodak’s stock picked up significantly the day before the official announcement.

Questions have also been raised about the timing of stock options granted to Kodak’s executive chairman, Jim Continenza.
On July 27th, a day when Kodak stock was up 25% to close the day at $2.62 per share, Kodak executives received stock options. James Continenza, CEO of Kodak, received roughly 1.75m stock options with exercise prices of $3.03, $4,53, $6,03 and $12.