Car-rental giant Hertz will be allowed to sell $1 billion worth of new stock, a blow to traders who gobbled up the stock after its bankruptcy filing
and the company's lawyers cited that volatility as a "unique opportunity" to shore up its coffers.
After the Chapter 11 filing on May 22, shares of Hertz skyrocketed and the stock flew up Robinhood's list of most popular names. However, the newly issued stock will effectively devalue existing shares, sending the stock down in after-hours trading Friday.this week, which it plans to appeal in a bid to keep its shares trading.
Hertz was also seeking to save money by cancelling leases on more than 144,00 vehicles, which could save it up to $80 million.
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