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Hertz has suspended its plan to sell up to $500 million in shares after the Securities and Exchange Commission voiced concern about the deal and launched a review.
Trading of Hertz stock had been halted for several hours before resuming shortly before 3:30 p.m. ET. Once trading resumed, the shares were volatile, jumping double digits before closing up 2.6% to $2.
Hertz in a regulatory filing Wednesday said the sale was “promptly suspended pending further understanding of the nature and timing of the Staff’s review.”
The SEC, according to the filing, verbally told the company of its plans to review the sale on Monday. Hertz said it has remained in “regular contact” with the agency this week.