Hertz Receives Delisting Notice From NYSE

The NYSE on May 26 issued a delisting notice for Hertz shares. The company appealed and the stock will remain listed until the matter is resolved.
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Hertz  (HTZ) - Get Report said it received a delisting notice from the New York Stock Exchange on May 26, four days after the company filed for protection from creditors under the bankruptcy laws.

Hertz said it was appealing the delisting and has requested a hearing. The Estero, Fla., rental-car company's shares will remain on the exchange until the appeal is resolved. 

"There can be no assurance that the NYSE will grant the company's request for continued listing at the hearing and whether there will be equity value in the company's common stock," Hertz said in a statement.

Hertz shares at last check were off 8.1% at $3.84. They closed Tuesday trading down 24% at $4.18. 

The shares had more than tripled between Thursday and Monday from Wednesday's close of $2.84. That was the day the car rental company said it filed under Chapter 11, burdened by a huge debt load and hammered by the collapse of travel during the coronavirus pandemic.

The stock hit a record low 56 cents a share on May 26.

"With the severity of the covid-19 impact on our business, and the uncertainty of when travel and the economy will rebound, we need to take further steps to weather a potentially prolonged recovery,” said Hertz President and Chief Executive Paul Stone in a May 22 statement. 

Hertz operates the Hertz, Dollar, Thrifty and Firefly rental companies, as well as Hertz Car Sales, and the Donlen fleet management company.