Kodak share price crashes in premarket trade more than 40% after US government loan for $765 million gets put on ice
Reuters / Steve Marcus
- Shares in Eastman Kodak tanked in Monday's premarket trading after the US International Development Corp put its $765 million on hold last week.
- On July 28, the company announced it was getting a $765 million loan from the DFC to aid it in producing drug ingredients.
- The news led to its stock to explode by as much as 2,190% the next day.
- The Securities Exchange Commission announced last week that it was investigating the firm on its extraordinary stock growth and whether any insider trading took place, as shares traded up 26% in pre-market before the announcement was made.
- Visit Business Insider's homepage for more stories.
Shares of Eastman Kodak faced a bitter sell-off Monday, tanking more than 40% in pre-market trade on reports that its $765 million loan to produce pharmaceutical ingredients has been put on hold.
Kodak's share price was down 40% at $8.89 as of 7:42 a.m ET. See the rest of the story at Business Insider
NOW WATCH: Why you don't see brilliantly blue fireworks
See Also:
- Bernie Sanders unveiled a plan to tax the 'obscene wealth gains' of billionaires during the pandemic
- Tom Marsico's global fund has crushed its benchmark for 13 years — and returned 28 times its peers in 2020. Here's what he's been buying, and the beaten-down stocks he plans to grab after the pandemic.
- Investors are piling into socially responsible ETFs at an unprecedented rate — and Morgan Stanley says these 4 stocks are best-positioned to profit from the trend