Hertz Requests Hearing on Potential NYSE Delisting

On May 26, Hertz Global Holdings received a letter from the New York Stock Exchange’s Regulation division that it had determined to commence proceedings to delist the company’s stock from the NYSE, according to an SEC form filed by Hertz on June 10.

According to the filing, the decision was based on the Hertz bankruptcy and NYSE listed company manual section 802.01D, which pertains to requirements companies must fulfill to maintain their listings. Among other provisions, the average daily closing price of the company’s stock must be more than $1 a day over a consecutive 30-day trading period.

Hertz is requesting a hearing before the NYSE to contest the potential delisting.

For the last 30 days, Hertz’s stock had dipped below $1 a share after the bankruptcy filing and in the first days of June but has rebounded as of June 7. The stock was trading at $2.90 as June 10 at 2:30pm EDT.

At this time, Hertz’s stock will continue to be listed and trade on the NYSE pending resolution of the appeal. 

In the same filing, Hertz announced that on June 5 Jodi Allen “was terminated without cause” from her position as executive vice president and chief marketing officer of the company. On June 9, Laura Smith was appointed as executive vice president global marketing and customer experience officer.