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 theover-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 includeBarclays(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.