(RTTNews) - Shares of Eastman Kodak Co. (KODK) are surging almost 143 percent or $11.35 in Wednesday's morning trade at $19.29, after touching a new 52-week high of $21.32 earlier. The stock had closed Tuesday's trading up 203 percent.
The U.S. International Development Finance Corp. or DFC is awarding a $765 million loan to Eastman Kodak for manufacturing critical pharmaceutical components for generic drugs production.
The new loan facility will give a fillip to Kodak, which reported wider loss in its first quarter, hurt by charges and weak revenues.
The agency's Chief Executive Officer Adam Boehler has signed a letter of interest or LOI for the loan, which would support the launch of Kodak's new unit, Kodak Pharmaceuticals. With the new pharma unit, the New York-based company plans to expand its traditional product line to support the national response to COVID-19. Eastman Kodak has traded in a range of $1.50 to $21.32 in the past 52 weeks.
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