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Hertz announces 37.1 million shares offering by stockholders

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Hertz car rental desk is visible at Nice International airport, France during coronavirus epidemic (COVID-19), which occurred in Nice, France, on May 27, 2020.

Reuters| Reuters

Hertz Global HoldingsOn Wednesday, the company announced that 37.1 million shares of common stock would be offered at $25-$29 per share by certain shareholders.

Hertz stated that it plans to buy between $250 million million and $500 millions of shares from underwriters.

Stock closed Tuesday at $35.06 per share. This is an increase of 2.6%.

Following a stock market run up following the release of its former announcement, the company announced a repurchase program. Ford CEO Mark FieldsAs its interim CEO, a plan to add 100,000 Tesla carsTo its fleet until 2022.

Hertz stated that it would not be receiving any proceeds. It expects that cash will be used to pay for the repurchase.

Hertz’s common stock trades over-the-counter under the symbol “HTZZ” since October 2020. This is in response to its acquisition. Chapter 11 filingIn May 2020. Hertz applied for listing on Nasdaq with the ticker symbol “HTZ.”

Hertz is represented by Morgan Stanley, JPMorgan Chase, Goldman Sachs and JPMorgan as bookrunning managers. said in a release.

the burgeoning coronavirus pandemic, Hertz filed for bankruptcy protection — but as travel rebounded somewhat and demand for rental vehicles picked up, investors from Knighthead Capital Management and Certares Management said they would take over the company

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