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Business Observer Thursday, Oct. 21, 2021 1 month ago

Rent-a-car giant aims to rejoin Wall Street

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The Hertz Corp. is looking to return to Wall Street by getting re-listed on the NASDAQ exchange
by: Louis Llovio Commercial Real Estate Editor

The Hertz Corp. continues its post-bankruptcy reboot, now with a targeted return to Wall Street.

The Lee County rental car giant has filed papers with the Securities and Exchange Commission announcing it’s going to list its common stock on the Nasdaq exchange. The move marks a return to the big time public markets for Hertz — which traded on the New York Stock Exchange until it was suspended Oct. 29, 2020 and eventually delisted. The company has been trading over the counter under the symbol HTZZ since emerging from Chapter 11 bankruptcy June 30.

The stock offering with Nasdaq is expected to take place in the fourth quarter of this year, according to the filing.

Re-listing with a major exchange is the latest step by the company in its ongoing effort to reinvent itself after a nearly two-year period that saw its business and workforce plummet as it, and the global tourism industry, dealt with the fallout from COVID-19.

Earlier in October, the company replaced its CEO for the third time in 17 months and the seventh in the past six years.

This time, Mark Fields, a former president and CEO of Ford Motor Co., took the helm on an interim basis as the company, according to a statement, looks for a long-term leader as “part of a vision for an all-new Hertz that combines the iconic company’s brand strength and global fleet management expertise with new technologies and innovations charting a dynamic, new course for travel, mobility and the auto industry.”

Hertz exited bankruptcy with $5.9 billion in capital, its debt load reduced and a new board,  along with the new symbol. It left the protection of the bankruptcy court with about $5 billion in debt gone, including all of its European debt, and with a $2.8 billion credit line and $7 billion in financing for its vehicle inventory.

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