Hertz (OTCMKTS:HTZZ) stock is heading higher on Monday as the company prepares to uplist its shares to the Nasdaq Exchange as it exits bankruptcy.
Let’s take a look at what traders need to know about that news below!
- Hertz currently offers its shares via the over-the-counter market with the HTZZ stock ticker.
- However, it plans to uplist its shares to the Nasdaq this week, which will see it changing over to the HTZ stock ticker.
- To go along with this initial public offering (IPO) news from Hertz are plans for a public stock offering from certain shareholders.
- This will see those shareholders unload 37.1 million shares of their stock with a price range between $25 and $29 per share.
- According to a press release, Hertz will pay between $250 million and $500 million to repurchase shares from stockholders.
- It also notes that one of the sellers is offering a 30-day option for underwriters of the offering to buy an additional 5,565,000 shares of Hertz stock.
- The lead bookrunning managers for the offering are Goldman Sachs (NYSE:GS), J.P. Morgan (NYSE:JPM), and Morgan Stanley (NYSE:MS).
- Additional bookrunners include Barclays (NYSE:BCS) and Deutsche Bank (NYSE:DB) with Guggenheim (NYSE:GOF) acting as co-manager.
- HTZ stock is seeing a decent amount of trading today on the IPO talk.
- That includes some 400,000 shares changing hands.
- For comparison, the company’s daily average trading volume is just above that at roughly 580,000 shares.
HTZZ stock was up 2.5% as of Monday afternoon and is up 30.6% since its OTC listing in July.
There’s more stock market news to jump into below!
We’ve got all the latest stock news that traders need to know about today. Among that is an update on the Rivian IPO, details on the Duddell Street Acquisition (NASDAQ:DSAC) SPAC merger, as well as news boosting infrastructure stocks today. You can learn all about that from the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.