• Hertz is looking to raise $1 billion in a share sale after its bankruptcy, the Wall Street Journal reported Thursday.
  • The car rental company is requesting a bankruptcy judge to approve a deal with Jefferies LLC that would allow it to potentially sell 246.8 million unissued shares.
  • The stock had exploded almost around 1460% since the end of May before prices took a beating mid week. It is currently around 685% above its May 26 low.
  • Hertz received a notice the New York Stock Exchange is looking to delist the company from NYSE.
  • Track the price of Hertz live here.
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Hertz is looking to sell as much as $1 billion of shares and capitalize from its recent explosive stock market growth, despite an impending bankruptcy.

The Wall Street Journal reported on Thursday that the company is requesting a bankruptcy judge to give the green light to a deal with Jefferies LLC that would pave the way for the company to allow the potential sale of 246.8 million unissued shares.

After filing for bankruptcy on May 22, Hertz shares plunged to an all time low of $0.40, but have rebounded sharply in recent days.

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The company's stock had exploded almost around 1460% since the end of May before prices took a beating mid week. It is currently around 685% above its May 26 low.

"The recent market prices of and the trading volumes in Hertz's common stock potentially present a unique opportunity" to raise funds on more favorable terms compared to strings-attached loans that other insolvent firms get, Hertz' lawyers reportedly said on Thursday.

The company is also reportedly planning to ask the US Bankruptcy Court to exit leases for 144,372 vehicles.

Hertz said such a move could help generate savings worth $80.3 million.

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Day traders have piled into Hertz, along with other bankrupt countries such as JCPenney despite the overwhelming odds that shareholders will be wiped out during bankruptcy proceedings.

Hertz revealed earlier this week in a regulatory filing that it received a delisting notice from the New York Stock Exchange on May 26, four days after the company filed for bankruptcy.

Hertz has appealed the delisting and its shares will continue to trade on the New York Stock Exchange until a final decision is made.

The price of Hertz is currently trading at $3.13, up 51% from Friday's open.