Shares of Eastman Kodak Company (PINK: EKDKQ) are soaring in trading today.
At last check, EKDKQ shares were trading 23.64% higher at $0.340 on above average volume of 8.70 million. The stock gained 36.03% in the last three trading sessions.
According to a recent report from Wall Street Journal, Apple Inc. (NASDAQ: AAPL) and Google Inc. (NASDAQ: GOOG) are preparing to bid for Kodak’s patents.
Kodak, which filed for bankruptcy in January this year, is looking to sell 1,100 patents in an auction. The Journal, citing people familiar with the matter, said that Apple and Google are lining up on opposite sides ahead of the deadline for initial bids.
Kodak had filed for bankruptcy after struggling in the last few years due to increasing competition from smartphones. The patent sale is an important part of the company’s restructuring process.