KODAK SHARES ROSE SHARPLY WITH TRUMP ADMINISTRATION OFFER
US shares of Kodak, which had a hard time with digitalization of cameras and returned from bankruptcy in 2013, rose sharply with the news that the Trump administration offered to produce materials for drugs in the fight against coronavirus. Kodak shares rose about 1500 percent this week, with Kodak announcing that it will produce materials for generic medicines and receive $ 765 million in state loans.
According to CNBC‘s report, last week’s $ 2 level stood above $ 33, while the company’s valuation jumped from $ 92 million to $ 1.5 billion. During Monday’s session, 1.65 million Kodak shares changed hands, 14 times the average of the ten-day transaction, and the shares were valued 25 percent.
While the news that the coronavirus generic medication will be produced has been revealed in a local source and briefly withdrawn from Kodak at the request of the US, Kodak CEO Jim Continenza said in a statement to CNBC that he could not tell what is affecting the increase in transaction volume. However, he stated that the relevant team in Kodak kept this information until the last day.