Stock Alert: Hertz Up 50% As It Seeks To Raise $1 Bln In New Share Offering

(RTTNews) - Shares of Hertz Global Holdings, Inc. (HTZ) jumped over 50% on Friday morning. The car rental company revealed its plan to sell up to $1 billion in shares, in order to capitalize on sharp gains the stock recorded, despite declaring bankruptcy last month.

HTZ is currently trading at $3.145, up $1.085 or 52.6699%, on the NYSE.

Hertz, in a filing, asked a bankruptcy court overseeing its Chapter 11 reorganization to authorize an offering of 246.8 million new shares to raise $1 billion.

Hertz's stock has witnessed sharp increase in the past one week, that has offset its losses suffered after declaring bankruptcy last month, due to mounting debts amid COVID-19 pandemic.

The new shares, which the company plans to offer, could give the company the much-needed working capital.

The stock has now gained more than 10-fold since closing at a record low of $0.56 on May 26.