Hertz Shareholders Raise $1.3 Billion in Nasdaq Listing
(Bloomberg) -- Shareholders of Hertz Global Holdings Inc., a poster-child of the meme-stock frenzy, raised $1.3 billion after pricing an upsized Nasdaq listing.
The Estero, Florida-based car-rental company’s existing backers will sell 44.5 million shares at $29 apiece, according to a statement Monday. They had initially planned to sell 37.1 million shares at $25 to $29 each, an earlier filing with the U.S. Securities and Exchange Commission showed.
A darling of retail investors that are active on trading platforms such as Robinhood Markets Inc. and discussion forums like Reddit Inc., the company’s over-the-counter shares have jumped more than 20% since listing in July.
Hertz emerged from bankruptcy earlier this year after Knighthead Capital Management, Certares Management and Apollo Global Management Inc. bought the business. The group owns 42% of Hertz, the listing documents shows.
Proceeds from the so-called uplisting will be paid to selling shareholders including Cougar Capital and Oaktree Capital Management, the prospectus showed. Hertz will not receive any proceeds.
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are advising the listing. Hertz plans for its shares to trade on the Nasdaq Global Select Market under the symbol HTZ.
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