Hertz World Holdings stated Wednesday that sure stockholders of the rental automobile agency will launch a public providing of 37.1 million frequent shares at a reduction value of $25 to $29 a share.

Hertz stated it intends to buy between $250 million and $500 million of the shares from the underwriters of the stockholders’ providing.

The inventory closed Tuesday at $35.06 a share, up by 2.6%.

The repurchase plan follows a run-up within the firm’s inventory after it introduced former Ford CEO Mark Fields as its interim CEO and a plan so as to add 100,000 Tesla automobiles to its fleet via 2022.

Hertz stated it is not going to obtain any proceeds from the sale. The corporate expects to fund the repurchase with money available.

Since October 2020, Hertz’s frequent inventory presently trades on the over-the-counter market underneath the image “HTZZ,” following its Chapter 11 submitting in Might 2020. Hertz has utilized to checklist on the Nasdaq underneath the ticker image “HTZ.”

Goldman Sachs, JPMorgan and Morgan Stanley are appearing as lead bookrunning managers for the proposed providing, Hertz stated in a launch.

In the course of the burgeoning coronavirus pandemic, Hertz filed for chapter safety — however as journey rebounded considerably and demand for rental autos picked up, traders from Knighthead Capital Administration and Certares Administration stated they might take over the corporate.