Shares of Hertz Global Holdings Inc. HTZ, -0.51% were halted mid-trading Wednesday for news pending. The car-rental company, which entered bankruptcy protection May 22, filed earlier this week to sell up to $500 million in shares it warned could be "worthless" amid its bankruptcy proceedings. Shares of Hertz were down 0.5% before the halt, contrasting with small gains for the S&P 500 index SPX, 0.39%. A trade resumption has not been set. Earlier Wednesday, Securities and Exchange Commission Chairman Jay Clayton told CNBC the regulator had issues with the plan to sell shares, and had let Hertz know it had "comments" on the company's disclosure. In most cases companies would then halt their efforts until the issues were resolved, Clayton said.
I don't think so, HTZ is most likely not marginable and Options were trading so high that any short puts wont lose that much.
What a sneaky play. Offer more shares for the gullible to gobble up, settle the debts with the lienholders, and bail on the shareholders.
Definitely we have seen a vast drop in the shares of HTZ during this time. According to the company, the core rental business of the company is very much affected by COVID-19 that ended up hurting the resale value of different cars in the market of used cars, leading to the breakdown of the stock.