Form 4: Eastman Kodak Co: GO EK Ventures IV, LLC Increases Stake Through Dividend

GO EK Ventures IV, LLC, a significant shareholder in Eastman Kodak, increased its holdings through a payment-in-kind dividend of Series C Convertible Preferred Stock.

Summary

• GO EK Ventures IV, LLC received 14,588 shares of 5.00% Cumulative Series C Convertible Preferred Stock from Eastman Kodak as a payment-in-kind dividend.
• This dividend was based on the aggregate shares of Series C Preferred Stock owned at the close of business on July 1, 2024, and was payable on July 15, 2024.
• The Series C Convertible Preferred Stock is convertible into Common Stock at a ten-for-one basis and has no expiration date.
• Following the transaction, GO EK Ventures IV, LLC beneficially owns 1,181,670 shares of common stock.
• B. Thomas Golisano is the sole member of GO EK Ventures IV, LLC and indirectly owns the shares.

Sentiment

Score: 6

Explanation: The document reflects a routine transaction (dividend payment) and doesn't contain overtly positive or negative information. It indicates continued investment by a major shareholder.

Positives

• The receipt of preferred stock as a dividend increases GO EK Ventures IV, LLC's potential future common stock holdings.
• The conversion feature of the preferred stock provides flexibility to convert into common stock.

Industry Context

This filing reflects changes in beneficial ownership, which is a routine part of corporate governance and investment activity. It indicates the ongoing investment interest of GO EK Ventures IV, LLC in Eastman Kodak.

Comparison to Industry Standards

• Payment-in-kind dividends are not uncommon, especially for preferred stock, and are used by companies to conserve cash.
• The conversion ratio of 10-for-1 is a standard feature for convertible preferred stock.

Stakeholder Impact

• The increased stake of GO EK Ventures IV, LLC could be viewed positively by shareholders, signaling confidence in the company.
• The dividend payment impacts the company's capital structure and potentially future dilution upon conversion.

Key Dates