---
title: "Hertz Shareholders Raise $1.3 Billion in Nasdaq Listing"
description: "Shareholders of Hertz Global Holdings Inc., a poster-child of the meme-stock frenzy, raised $1.3 billion after pricing an upsized Nasdaq listing."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "International Finance"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2021-11-09-hertz-shareholders-raise-1-3-billion-in-nasdaq-listing/"
published: "2021-11-09T05:32:02"
lang: "en-ZA"
word_count: 170
---

# Hertz Shareholders Raise $1.3 Billion in Nasdaq Listing

> Shareholders of Hertz Global Holdings Inc., a poster-child of the meme-stock frenzy, raised $1.3 billion after pricing an upsized Nasdaq listing.

By Bloomberg · Published 9 November 2021, 07:32 SAST

## Content

The Estero, Florida-based car-rental company’s existing backers will sell 44.5 million shares at $29 apiece, according to a statement Monday. They had initially planned to sell 37.1 million shares at $25 to $29 each, an earlier filing with the U.S. Securities and Exchange Commission showed.

A darling of retail investors that are active on trading platforms such as Robinhood Markets Inc. and discussion forums like Reddit Inc., the company’s over-the-counter shares have [jumped](https://www.bloomberg.com/news/articles/2021-07-01/hertz-stock-rages-on-after-bankruptcy-with-surge-then-plunge) more than 20% since listing in July.

Hertz [emerged](https://www.bloomberg.com/news/articles/2021-06-30/as-hertz-exits-bankruptcy-the-reddit-crowd-pockets-a-big-score) from bankruptcy earlier this year after Knighthead Capital Management, Certares Management and Apollo Global Management Inc. bought the business. The group owns 42% of Hertz, the listing documents shows.

Proceeds from the so-called uplisting will be paid to selling shareholders including Cougar Capital and Oaktree Capital Management, the prospectus showed. Hertz will not receive any proceeds.

Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are advising the listing. Hertz plans for its shares to trade on the Nasdaq Global Select Market under the symbol HTZ.