A shareholder of Eastman Kodak (EK.N) has urged its board to sell the company due to worries about its financial condition, sending the stock up 7 percent. Investment Partners Asset Management, which owns Kodak convertible bonds and about 220,000 shares, said on Thursday that it wrote to the company's board to ask it to take immediate steps toward a sale. The shareholder criticized Kodak's management and called on large shareholders to use their rights push for changes. The statement came days after Kodak shares hit a 38-year low as investors fled after the company drew down a credit line by $160 million, raising concerns about cash flow generation and its ability to compete.
Eastman Kodak Company (Kodak) is engaged in the sale of imaging products, technology, solutions and services to consumers, businesses and professionals. Shares of EK traded higher by 7.1% or $0.11/share to $1.66. In the past year, the shares have traded as low as $1.44 and as high as $5.95. On average, 14619900 shares of EK exchange hands on a given day and today's volume is recorded at 12249261.
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