Hertz Has Wild Swings After Emerging From Bankruptcy

imageStock Markets6 minutes ago (Jul 01, 2021 12:45PM ET)

(C) Reuters.

By Dhirendra Tripathi – Hertz Global Holdings (OTC:HTZGQ) stock was having a roller coaster ride on Thursday, a day after emerging from bankruptcy.

The stock bounced between massive gains and losses in the first half-hour of trading. It opened at $22 and almost immediately surged more than 50% to $35 before reversing direction and tumbling to as low as $16, according to Bloomberg.

It is now trading over-the-counter under a new ticker HTZZ.

Many investors are anxious to see when the shares will be listed on a formal stock exchange, which would mean improved access to capital, more liquidity and increased accountability. Its trading on the New York Stock Exchange was suspended in October.

The revival of the rental car company comes at a time when Americans are looking to step out and travel to meet people and go for holidays.

Funds and accounts affiliated with Knighthead Capital Management, Certares Opportunities and Apollo Capital Management provided $6 billion in equity to fund Hertz’s revised plan of reorganization and exit Chapter 11 proceedings.

Hertz Has Wild Swings After Emerging From Bankruptcy

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