Hertz Global news for Friday includes the company seeing its stock continue to fall on a recent rights offering.
Hertz Global (NYSE:HTZ) stock has been taking a beating these past few days after announcing a rights offering to raise money. This will have the company looking to raise up to $750 million. Holders of HTZ stock will receive one transferable subscription right for each share that they own. These will be sent out on June 24, 2019 at 5:00 p.m. Eastern Time.
The Hertz Global news says that the rights offering distribution will start on June 26, 2019. The ability to trade these rights in on the New York Stock Exchange started on June 20, 2019 on a “when-issued” basis.
Regular trading of the rights is expected to start on June 27, 2019 and will use the stock ticker “HTZ RT”. The company says that this will continue until the offer closes on July 11, 2019.
The Hertz Global news notes that each of the transferable subscription rights can be traded in for 0.688285 shares of HTZ stock at a subscription price of $12.95 per while share. The rights offering will expire at 5:00 p.m. Eastern Time on July 12, 2019.
All of this Hertz Global news rattled investors and the stock was falling hard on Friday. HTZ stock is currently down 12% as of noon Friday. However, it is worth pointing out that HTZ stock is up 32% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.