Kodak Stock Returning to NY Stock Exchange30 Oct, 2013
USA - October 30, 2013 - Eastman Kodak Co., having returned from bankruptcy in September, will return on Nov. 1 to the ranks of companies on the New York Stock Exchange.
That's when its stock will begin trading on the exchange under the symbol "KODK," the Rochester-based printing company said Tuesday.
"This is an important moment for the new Kodak," CEO Antonio M. Perez said in a statement. "The change in our symbol reflects that we are a new company that is focused on business-to-business products and services, well-capitalized and firmly committed to delivering value to our shareholders and innovation to our customers."
Special report: Out of bankruptcy, into a new era
Kodak's existing stock was cancelled when it came out of Chapter 11 bankruptcy protection on Sept. 3. New shares were issued to a variety of creditors, and that stock has since been trading over the counter under the symbol "EKOD."
Its share price since then has swung from a low of $19.40 to a high of $29. Kodak stock closed Tuesday at $22.62, down 13 cents or a fraction of a percent for the day.
Being on the New York Stock Exchange carries different requirements over-the-counter stock — chief among them, that a company's stock price typically averages more than $1.
The benefit of having your stock traded on a major exchange, like the New York Stock Exchange, comes in the feelings it evokes in investors, said Chris Hayes of Hayes Asset Management LLC, a Rochester investment advisory firm.
Kodak "has just gone through bankruptcy, which is a huge negative," Hayes said. "The New York Stock Exchange is still considered top of the line when it comes to a listing. They can use it as a marketing thing — 'We're strong. We're listed here.' It's a beauty pageant, really."