Hertz Global Holdings Inc. (HTZ) is suspending its controversial share offering, according to a filing Wednesday. Hertz filed to offer up to $500 million in shares Monday, aiming to cash in a surge in the stock's popularity despite having filed for bankruptcy protection on May 22. In a filing Wednesday, Hertz said it had been "advised orally" by employees with the Securities and Exchange Commission's division of corporation finance on Monday afternoon that they planned to review the offering's prospectus supplement. After discussions with the SEC employees, sales "were promptly suspended pending further understanding of the nature and timing of the staff's review," Hertz said in Wednesday's filing. The company's advisers "have been in regular contact with the Commission" since that initial contact, Hertz said. Shares of Hertz rose 8% after being halted mid trading day.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 17, 2020 15:41 ET (19:41 GMT)
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