Hertz Files Registration Statement for Public Offering of Common Stock by Selling Stockholders

Rhea-AI Summary

Hertz Global Holdings, Inc. (OTCPK:HTZZ) announced the filing of a registration statement on Form S-1 with the SEC for a proposed public offering of common stock, expected to commence in Q4 2021. The offering involves shares sold by certain stockholders, with terms yet to be determined. Hertz plans to list its stock on the Nasdaq under the symbol 'HTZ'. Goldman Sachs, J.P. Morgan, and Morgan Stanley are among the lead managers for the offering. A prospectus will be available upon completion of the SEC review.

Positive

• Proposed public offering aims to enhance liquidity and potentially fund operational growth.
• Intended listing on Nasdaq could increase visibility and trading volume.

Negative

• Dilution risk for existing shareholders due to potential increase in share count from the offering.

ESTERO, Fla., Oct. 15, 2021 /PRNewswire/ -- Hertz Global Holdings, Inc. (OTCPK:HTZZ) ("Hertz" or the "Company") announced today that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") relating to a proposed public offering of its common stock. The shares of common stock to be sold in the offering are anticipated to be offered by certain of the Company's stockholders. The terms of the offering have not yet been determined. The offering is expected to be commenced in the fourth quarter of 2021, subject to market conditions and completion of any regulatory review.

Hertz's common stock currently trades on the over-the-counter market under the symbol "HTZZ". Hertz intends to apply to list its common stock on the Nasdaq Global Select Market under the symbol "HTZ" in connection with the offering.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC are acting as lead-bookrunning managers for the proposed offering. Barclays Capital Inc. and Deutsche Bank Securities Inc. are acting as additional bookrunners.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or email: prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email at prospectus-eq_fi@jpmorgan.com, or telephone: 1-866-803-9204; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT HERTZ

The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands throughout North America, Europe, the Caribbean, Latin America, Africa, the Middle East, Asia, Australia and New Zealand. The Hertz Corporation is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Additionally, The Hertz Corporation operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of federal securities laws. Words such as "expect" and "intend" and similar expressions identify forward-looking statements. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including those in our risk factors that we identify in our most recent annual report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission on February 26, 2021, and any updates thereto in the Company's quarterly reports on Form 10-Q and current reports on Form 8-K. We caution you not to place undue reliance on our forward-looking statements, which speak only as of their date, and we undertake no obligation to update this information.

 

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SOURCE Hertz Global Holdings, Inc.

FAQ

What is Hertz's proposed public offering about?

Hertz has filed a registration statement for a public offering of common stock expected to start in Q4 2021.

Who are the underwriters for Hertz's stock offering?

Goldman Sachs, J.P. Morgan, and Morgan Stanley are the lead managers for Hertz's proposed offering.

What is the impact of Hertz's stock offering on current shareholders?

The offering may cause dilution for current shareholders if new shares are issued.

When will Hertz's common stock be listed on Nasdaq?

Hertz intends to list its common stock on Nasdaq under the symbol 'HTZ' in conjunction with the offering.

What can investors expect from Hertz's registration statement?

Investors can expect details about the terms of the offering, which have not yet been determined.