Kodak's stock soars 80% after probe reportedly finds no wrongdoing in government loan

Kodak Tower stands at the Eastman Kodak Co. headquarters complex in Rochester, New York, on August 1, 2020.

Kodak's stock rocketed about 80% higher in early trading Monday after the US government reportedly found no wrongdoing in Kodak's now-halted $765 million loan to help the company produce pharmaceutical ingredients.

US government regulators reportedly have been investigating why Kodak announced the loan on July 27, the day prior to the official announcement -- the same day some executives, including Jim Continenza, Kodak's executive chairman and CEO, received stock options.

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