Refile: BUZZ-Hertz drops after $250 mln stock sale plans unveiled

Hertz Global Holdings

14/05/2025 13:53

Refiles to fix news story link in 7th bullet

** Shares of Hertz Global HTZ.O down 1.5% to $5.68 premarket as car rental firm looks to raise capital, including equity

** Co files mixed shelf including up to $250 mln ATM (at the market) equity sales program to be handled by Jefferies, Barclays, and BMO among 11 other investment banks

** It says it plans to use net proceeds from any sales to retire outstanding debt

** Estero, Florida-based firm has ~309.3 mln shares outstanding as of May 5, giving it ~$1.8 bln market cap

** HTZ shares slid ~17% to close at $5.77 on Tues after co's Q1 results missed Wall Street's expectations driven by reduced vehicle fleet, and as demand moderated among businesses, government agencies, and international travelers visiting the U.S.

** Last month, hedge-fund billionaire Bill Ackman boosted his stake in HTZ to nearly 20% through his investment management company Pershing Square, sending its shares up 56% on Apr 16

** Through Tues close, HTZ shares up 57.5% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))