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 more than 20% since listing in July.
Hertz emerged 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.