Kodak enters pharmaceutical industry, stock surges up to 30-fold in 3 days, previously launched Bitcoin mining rig
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Kodak enters pharmaceutical industry, stock surges up to 30-fold in 3 days, previously launched Bitcoin mining rig
In early 2018, at the CES exhibition, Kodak showcased a Bitcoin mining machine—KashMiner
Navigating Web3 tides with focused insightsTechFlow news — Shares of Eastman Kodak Company (KODK.US), which surged 203.05% yesterday, were halted multiple times during trading today as gains expanded to as high as 655%, reaching $60 per share. Within three days, the stock price briefly rose nearly 30-fold before pulling back to around $30.
The surge follows an announcement that Kodak has secured a $765 million government loan under the Defense Production Act to support the production of generic drugs, including hydroxychloroquine—an anti-malarial drug previously promoted by Trump as a potential treatment for coronavirus.
Once the world's largest imaging products company and holder of two-thirds of the global film market, Eastman Kodak failed to keep pace during the digital revolution. Since 2011, the company has repeatedly faced bankruptcy rumors. In 2011 alone, Kodak's stock declined over 80%. Between 2004 and 2013, the company achieved annual profitability only once—in 2007. Its market capitalization plummeted from $31 billion in February 1997 to just $2.1 billion by September 2011, losing 99% of its value over the decade. In January 2012, Kodak filed for bankruptcy protection.
Since then, Kodak has attempted multiple transformations.
In early 2018, at the CES exhibition, Kodak unveiled a Bitcoin mining machine called KashMiner and announced a strategic shift toward blockchain technology and cryptocurrency, even launching its own cryptocurrency—KodakCoin. However, the project was not directly led by Kodak itself but by Spotlite, one of its contract manufacturers. The U.S. Securities and Exchange Commission later suspended the mining machine initiative, bringing this farce to an end.
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