Bankrupt Hertz Stock Soars After SEC “Has Issues” With ‘Worthless’ Share Offering

Farcical-er and farcical-er…

Hertz stock is soaring this morning after comments by SEC Chair sparked ‘optimism’ among the muppet gallery…

SEC Chair Jay Clayton told CNBC this morning that the SEC told Hertz, which filed for bankruptcy during the pandemic, the agency has issues with its plan to sell stock.

“In this particular situation we have let the company know that we have comments on their disclosure,” Clayton said on CNBC’s “Squawk on the Street” on Wednesday.

“In most cases when you let a company know that the SEC has comments on their disclosure they do not go forward until those comments are resolved.”

So it would appear the market is taking that as “good news” for the worthless stock since it will not be diluted by a stock offering… and that’s why someone is panic-buying HTZ stock.

You cannot make this stuff up!

We suspect it will not last!