Shares in Hertz Global Holdings Inc., after a brief head-scratching rally, are now in danger of being ejected from the New York Stock Exchange, calming a speculative frenzy around the bankrupt car-rental company, WSJ Pro Bankruptcy reported. Hertz said yesterday that it was appealing an NYSE delisting decision that would push trading of the company’s shares to over-the-counter platforms. Delisting typically drains value from equities as investors lose confidence, raising risks for the many inexperienced traders who piled into Hertz after it filed for bankruptcy last month. The trading surge pushed Hertz shares up nearly 500 percent after billionaire Carl Icahn dumped his stake in the company at 72 cents a share last month. On Wednesday, after the delisting disclosure, the stock was down 27 percent. The shares will continue trading on the NYSE pending the outcome of Hertz’s appeal, the car-rental company said. However, “there can be no assurance that the NYSE will grant the company’s request for continued listing at the hearing and whether there will be equity value in the company’s common stock,” Hertz said.
