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Summary
- Stocks of Eastman Kodak Company and Foley Trasimene Acquisition II Corp are trending high on the stock markets today.
- Kodak stocks spiked after federal officials in the US reported findings that suggest no wrongdoings in a government loan being given to the company.
- Online payments company Paysafe Group is set to get publicly listed following the merger with blank check company Foley Trasimene Acquisition II Corp.
Stocks of Eastman Kodak Company (NYSE: KODK, KODK:US) and Foley Trasimene Acquisition II Corp (NYSE: BFT, WPF:US) are raging in Canadian stock markets on Monday, December 7. Let’s find out why.
Kodak stocks spiked over 70 per cent in premarket trading on Monday after federal officials in the US reportedly found no conflicts of interest in a government loan being given to Eastman Kodak.
Stocks of Foley Trasimene Acquisition II Corp leapt about 12 per cent premarket following the news that the special purpose acquisition corporation (SPAC) announced that it would be merging with Paysafe Group Holdings Ltd.
Eastman Kodak Company Stock Performance
At the fag-end of July this year, US International Development Finance Corporation (DFC) announced that, under the direction of Donald Trump, it would be giving a loan of US$ 765 million to support the launch of Kodak Pharmaceuticals. The loan procedure, however, hit the brakes when Democratic lawmakers raised questions regarding possible insider trading at the time of the announcement.
Kodak stocks had catapulted by about 1167 per cent between July 28 and 29 following the DFC’s announcement. The stock price, however, collapsed by almost 82 per cent between July 29 and August 29.
Kodak shares grew by nearly 190 per cent this year and are currently priced at US$ 13.3.
Eastman Kodak Company posted consolidated revenues of US$ 252 million for its third quarter ending 30 September 2020, down nearly US$ 63 million year-over-year. Its cash balance of US$ 193 million noted an increase against that of US$ 180 million in Q2 2020.
The company also suffered a GAAP net loss of US$ 445 million in Q3 2020.
Foley Trasimene Acquisition II Corp’s Merger With Paysafe Group Holdings
Online payments company Paysafe Group is set to go public following the merger with the American billionaire Bill Foley-backed blank check company.
Foley Trasimene Acquisition II Corp is expected raise about US$ 2 billion in a private placement to support the transaction, said the official release. The merger values Paysafe at about $9 billion, including debt, it said.
Stocks of Foley Trasimene Acquisition II Corp jumped about 17 per cent in December so far. Since July, the shares climbed over 15 per cent in the last five months.
Paysafe reported an annualized transactional volume of more than US$ 98 billion in 2019. The company claimed to have about 3,000 employees in over 12 locations around the world.
