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- Eastman Kodak shares were halted from trading multiple times on Tuesday amid a volatile spike.
- Shares of Kodak surged as much as 79% to $13.65 per share and then abruptly fell to less than $10 per share.
- The volatile trading comes after a seven-day slump where Kodak shed 53%.
- Watch Eastman Kodak trade live on Markets Insider.
- Read more on Business Insider.
Eastman Kodak was halted from trading on the Nasdaq multiple times on Tuesday amid a volatile spike and subsequent slump in share price.
Shares of the company surged as much as 79% to $13.65 per share at its intraday high Tuesday before abruptly falling to less than $10 per share.
Due to rapid changes in stock price, Kodak trading was halted five times between 12:14 p.m. E.T. and 12:37 p.m. ET, according to Nasdaq Trader.
The trading halts come after a rollercoaster few weeks for the photography company. At the end of July, Kodak shares spiked 1,167% in just two days after the company secured a $765 million loan from the US government to produce drug ingredients amid the coronavirus pandemic.
But the loan and subsequent stock price surge were quickly called into question by several government leaders including Sen. Elizabeth Warren, who encouraged the SEC to launch an investigation, and House Democrats including Rep. Maxine Waters, who kicked off their own probe soon after.
On August 7, the US International Development Finance Corporation – the federal agency granting Kodak the money – said that the loan was on pause. The announcement came after news that Kodak’s loan disclosure and stock spike were under investigation by the SEC.
That kicked off a seven-day slump where Kodak shares shed 53%. Still, Kodak shares are up more than 100% year-to-date.
Markets Insider