Hertz relists on Nasdaq
Hertz Global has marked its unlikely turnaround with a Nasdaq listing.
It initially valued the new business at more than its pre-pandemic valuation.
Hertz only emerged from bankruptcy this summer, and at one point its stock was virtually worthless.
The rental company is spending more than $300 million to repurchase shares.
Hertz recently hit the headlines with a massive $4.2 billion order for 100,000 vehicles from Tesla.
That saw the stock price in both companies surge, cementing a remarkable recovery for Hertz.
However, its’re-IPO’ debut was disappointing with Hertz shares trading below the offering price.
It closed down by 9.8% T $26.17 a share
The disappointing performance came after Hetz increased the share offering by 20%.
The company now is valued at about $13 billion.
It filed for Chapter 11 protection in May 2020.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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