Hertz spikes 68% after revealing plan to sell up to $1 billion in stock that could 'ultimately be worthless'
it plans to warn participants in the upcoming sale that "the common stock could ultimately be worthless."received a delisting notice from the New York Stock Exchange
that cited its bankruptcy proceeding as a reason to halt public trading. The company appealed the notice and requested a hearing to keep its spot on the exchange. While shares will continue to trade hands pending the appeal, the NYSE warned "there can be no assurance ... whether there will be equity value in the Company's common stock," according to aHertz shares have served as ground-zero for an unusual market phenomenon over recent sessions.
Apart from the potential stock offering, Hertz plans to ask the bankruptcy court to cancel leases on 144,372 vehicles. The move could save as much as $80.3 million, the company said.Now read more markets coverage from Markets Insider and Business Insider:
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