- Kerrisdale and Chief Investor Officer Sahm Adrangi believe that KODAKOne and KODAKCoin are critically flawed and will never provide material benefit for Kodak shareholders. Shares have risen on unjustified hype.
- WENN Digital Inc., lead developer of KODAKOne, and its strategic advisor on the KODAKCoin ICO, AppCoin Innovations Inc., are companies with highly dubious backgrounds.
- Members of Kodak's board of directors granted themselves restricted stock the day before announcing the launch of KODAKOne, a suspicious act that bears material risk of drawing an SEC investigation.
- Kodak's announced partnerships will not save the company from declining revenues, negative free cash flow and mounting default risk.
NEW YORK, Feb. 7, 2018 /PRNewswire/ -- Kerrisdale Capital, a private investment manager, has published a negative report explaining its short position in Eastman Kodak Company KODK, a commercial printing and imaging company whose stock has risen 187% since announcing a partnership to launch a blockchain-enabled image licensing platform and photo-centric cryptocurrency. Kerrisdale believes the announcements are a hollow attempt to chase the ICO craze that do nothing to offset Kodak's poor fundamentals and unsustainable capital structure.
The full report can be found at http://kerr.co/kodk.
Kerrisdale has a short position in Eastman Kodak Company and stands to benefit if its share price falls.
Conference Call Schedule
Kerrisdale will host a conference call on Wednesday, February 7 at 10:30am ET to discuss the Kodak report.
To participate in the conference call, dial 888-567-1603 (US and Canada) or 404-267-0368 (international) and reference the Kerrisdale Capital call.
About Kerrisdale Capital
Kerrisdale Capital Management, LLC, is a fundamentally-oriented investment manager managed by Sahm Adrangi that focuses on long-term value investments and event-driven special situations.
Contact
Agnes Cao
Kerrisdale Capital
acao@kerrisdalecap.com
212-257-4385
Kerrisdale Capital Management, LLC is a member of the Financial Industry Regulatory Authority, CRD number 160804.
View original content:http://www.prnewswire.com/news-releases/sahm-adrangis-kerrisdale-capital-issues-negative-report-on-eastman-kodak-company-300594897.html
SOURCE Kerrisdale Capital
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