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Kodak’s stock falls again after it became known that investors have converted debt into nearly 30 million common shares



Shares in Eastman Kodak Co. KODK,
-24.80%
had dropped 24% on Monday afternoons, bringing it to a third double-digit percentage decline in a row after the digital printing and film company entering into the pharmaceutical ingredients business announced that convertible bond holders were exercising their debt rights, convert these bonds into ordinary shares. The stock has now fallen 50% since it rose sixteen times in three days to $ 33.20 in three days on July 29 after the Trump administration announced on July 28 that Kodak was under a defense policy Production Act had received a $ 765 million loan to ease its reliance on foreign sources for pharmaceutical ingredients. In an 8K filing with the Securities and Exchange Commission on Monday, Kodak said holders of the 5.00% convertible bonds issued in May 201

9 that were issued in 2019 made a total of $ 95 million of the bonds in 29 , 9 million shares of Kodak ordinary shares have been converted on July 29. This would be worth $ 3.175 per converted share, while the stock was currently trading at $ 16.58. On July 27, Kodak granted CEO James Continenza options to buy Kodak shares at various exercise prices, all of which are now in the money to “protect” him from dilution of his stock portfolio in the event of the convertible bonds issued in May 2019 acted converted into warehouse. Kodak’s stock has almost quadrupled since the beginning of the year (up 256.6%), while the S&P 500 SPX,
+ 0.80%
gained 2.0%.


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