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Ground Transport

Hertz uplists to Nasdaq

By Elizabeth West / 10 November 2021 / Contact Reporter
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Emerging from bankruptcy in June and recently announcing a ground-breaking deal with Tesla to put 100,000 EVs into the car rental market, Hertz uplisted to the Nasdaq on Tuesday. Not a traditional initial public offering, but rather in what's known as a "re-IPO," company investors put up more than 44.5 million of their own shares. Hertz spent US$300 million to buy back more than 10 million of those. Hertz began trading on the Nasdaq on Tuesday under HTZ. The company formerly traded over the counter as HTZZ.

Following the Tesla deal announcement last week, which purports to get 100,000 EVs on the road by the end of 2022, questions arose from none other than Tesla CEO Elon Musk about whether the deal was "final" or could deliver that vehicle quantity to the market. Commenting on his company's stock rise, Musk tweeted: "If any of this is based on Hertz, I’d like to emphasise that no contract has been signed yet." He emphasised that demand for Tesla vehicles was such that no special pricing would be extended to Hertz for the deal.

Speaking to online news outlet Cheddar on Tuesday, Hertz interim CEO Mark Fields and co-founder and managing member of Knightshead Capital Management Tom Wagner hedged on timing of the Tesla rollout, saying Hertz worked closely with all its vehicle manufacturing partners and that the relationship would evolve, without naming Tesla specifically.

"Right now, the demand is vastly in excess of any amount of supply that we can bring in. So the key for us, as I said, is really making sure that the delivery cadence works in the context of our ecosystem," said Wagner.

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