Hertz Global Holdings Inc (HTZ)

[nycusa12]

Hertz stock to be delisted from Nasdaq
BY THEHEADLINEREPORTER ON OCTOBER 29, 2020
Hertz Corporation today announced that its stock will be delisted from the Nasdaq stock exchange. Shares will continue to trade over-the-counter.

Kevin Jameson of Hilltop Advisers said “this really shouldn’t change anyone’s thesis, if you believe there is value in the equity, you don’t care where it trades while things get resolved.”



Earlier today, the company announced it had obtained court approval to draw down a $1.65 billion loan that will fund operations during its bankruptcy proceedings. Junior creditors had opposed the request. The loan carries an interest rate of LIBOR plus 7.25%.

The loan proceeds will be used for working capital and other general corporate purposes as well as the purchase of new and used vehicles to boost the rental car company’s fleet, which could restore growth the to Covid-struck company.

There were approximately 11 million shares of Hertz sold short at the time of today’s announcement.