Shares of Hertz Global Holdings Inc. plunged 20% in premarket trading Monday, after the bankrupt car rental company filed for the sale up up to $500 million worth of common stock. The filing comes after Hertz received approval on Friday from a bankruptcy court to sell up to $1 billion in stock. The company warned in the filing that because the company is bankrupt, the common stock could be rendered "worthless." Jefferies is acting as Hertz's agent in the offering. The company said in the filing that if any sales of stock are made, they will be made "by any method permitted" that is deemed an "at the market offering." Hertz's stock has been extremely volatile over the last month, falling to a record closing low of 56 cents after the bankruptcy filing, then running up to $5.53 on June 8 before pulling back last week, with the NYSE sending a delisting notice. Over the past three months, the stock has tumbled 65.7% to close Friday at $2.83, while the S&P 500 has gained 12.2% over the same time.
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