KODK - Kodak +60% on no wrongdoing in $765M government loan

Eastman Kodak (KODK) +60% in premarket trading after a probe revealed no wrongdoing regarding the stalled U.S. government loan to the photography giant turned pharmaceutical manufacturer.The inspector general for the U.S. International Development Finance ((DFC)), which was administering the loan, told Democratic lawmakers he found no evidence that agency officials had any conflicts of interest in the plans, the report said.Neither Kodak nor the DFC immediately responded to requests for comment left outside normal office hours.Kodak shares surged almost tenfold in July after the Rochester, New York-based firm made a surprise move into the health care world and disclosed the award of a $765 million loan to manufacture Covid-19 drug materials as part of a government program.The stock gave back a large part of those gains as the investigation put the loan on hold.Source

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Kodak +60% on no wrongdoing in $765M government loan