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The company says it plans to emerge from Chapter 11 bankruptcy by mid to late summer.
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Hertz will continue to trade on the over-the-counter (OTC) market, where the majority of stocks sold are penny stocks.
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Brooks previously had served as senior vice president, internal audit at Hertz since June 2020.
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Up to $1 billion can be used to provide equity for vehicle acquisition in the U.S. and Canada.
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Hertz says the recent increases in its stock “present a unique opportunity for its debtors to raise capital on terms that are far superior to any debtor-in-possession financing.”
Read More →The potential delisting pertains to New York Stock Exchange regulations that require the average daily closing price of the company’s stock to be more than $1 a day over a consecutive 30-day trading period.
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All of Hertz's businesses globally remain open. International operating regions including Europe, Australia, and New Zealand are not included in the bankruptcy, nor are Hertz's franchised locations.
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Hertz’s board of directors has named Paul Stone, most recently head of retail operations in North America, to assume the role of CEO and president, effective immediately.
Read More →Hertz’s lenders have given the company until May 22 “to develop a financing strategy and structure that better reflects the economic impact of the Covid-19 global pandemic.”
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