This week alone, the stock is up more than 1,700 percent.On Wednesday, he told CNBC that the initial high-level talks with the government started two months ago and that insiders had known “for over a week” that the loan had been approved before it was announced.Would you like to receive desktop browser notifications about breaking news and other major stories?Legal experts warn that his stock purchases could raise eyebrows given that Kodak’s price pop is both eye-popping and based on a negotiated deal with the government.Continenza purchased almost 100,000 of his Kodak shares this year, including 46,737 shares on June 23rd for just at $2.22. Kodak won a government loan to produce ingredients that are used in … As of Monday, Continenza’s 650,000 Kodak shares were worth just $1.3 million — not counting the millions in vested stock options he holds in the company. The stock has traded for about 0.3 to 0.4 times sales over the past few years. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes.
Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. News of the $765 million loan — the first of its kind to reduce the US’s reliance on foreign manufacturers — sent Wall Street into a tizzy. Factset: FactSet Research Systems Inc.2019. Kodak price chart. By Wednesday afternoon, his holdings were worth roughly $215.8 million.“But if they are scheduled quarterly purchases, that is well within the rules of the SEC.” The Securities and Exchange Commission allows public company insiders to buy and sell stock at a predetermined time and price to prevent insider trading.When asked about unusual trading in Kodak stock that kicked off Monday, a day before the announcement, he said he didn’t know. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. All rights reserved. His profit on the June purchase alone stands at almost $1.6 million.Continenza, a former telecom executive, is also sitting on a potential gold mine in the form of roughly 2.5 million stock options in Kodak that vest at prices between $3.03 and $12 a share in 2026.“If these shares were purchased on the open market based on private information, that would be a problem,” said Charles Elson, a corporate governance expert from the University of Delaware.The net worth of Kodak’s top executive has skyrocketed on the company’s transformation from an ailing camera maker to cutting-edge pharmaceutical start-up — thanks in part to some timely share purchases.A Kodak spokesman told The Post in a statement that Continenza’s June purchase was “a continuation of ongoing, regular investments in Kodak and are in full compliance with regulatory guidelines for investment activity.”Thanks for contacting us.
MORE | Kodak lands $765M federal loan to develop prescription drug ingredients, aims to add 300 jobs in Rochester. Buy. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC.