A federal agency found no wrongdoing on the part of Eastman Kodak relating to a loan to make drug ingredients , The Wall Street Journal reported on Sunday.
Shares of Kodak jumped nearly +60% in premarket trading Monday on the report.
The inspector general for the U.S. International Development Finance Corp. (DFC), which was administering the loan, told Democratic lawmakers he found no evidence that agency officials had any conflicts of interest in the plan.
In July, Kodak announced that it would receive a $765 million loan to help produce pharmaceutical ingredients for potential Covid-19 treatments. The process was halted after Democratic lawmakers expressed concerns about a possible insider trading around the time the announcement was made.
Now, it is still unclear whether the agency will process the loan.