**TL;DR**
**Sell before $12.81, that is the new exercise price of \~89 million warrants ready for fresh dilution.**
**The exercise price was reduced from 13.61 --> 12.81 from their filing yesterday.**
**Ratio of 1 warrant**
Changed **from** 1.0140 shares, **to** 1.0772 shares.
This is from their 8-K filing on 7/23/2026.
[https://d18rn0p25nwr6d.cloudfront.net/CIK-0001657853/fa78fca0-f553-48af-be1f-7be3ee898e03.pdf](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001657853/fa78fca0-f553-48af-be1f-7be3ee898e03.pdf)
**Position**
[After assignment, I will have 112,200 shares](https://preview.redd.it/3ifpyu5ey9fh1.png?width=867&format=png&auto=webp&s=2e6723cc9cba18d81124bdbf18f4d2b6715aaa83)
On **6/25**, the closing price was 5.06
https://preview.redd.it/a7mh3pvvx9fh1.png?width=248&format=png&auto=webp&s=888a3e997af1fa035cf90b4fba0e385a220879f7
On **6/26**, management released a 424B5 Prospectus, that did a share offering of 37million shares at a sale price of 2.70.
https://preview.redd.it/ryiljq3ky9fh1.png?width=1150&format=png&auto=webp&s=031a8b07c1ba47136cdf65754797f8079d839764
https://preview.redd.it/95eeb19vy9fh1.png?width=1038&format=png&auto=webp&s=891a6b23e554c252e7814c71768947338ce2964b
This offering was used in conjunction with a separate equity raise for a first lien PIK (paid-in-kind) note holder, where they could use these shares (loaned to JP Morgan as the underwriter) as a hedge.
[https://d18rn0p25nwr6d.cloudfront.net/CIK-0001657853/4a0eda55-c4c5-46cc-971f-11b49cd8011d.pdf](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001657853/4a0eda55-c4c5-46cc-971f-11b49cd8011d.pdf)
What's egregious is that this is nearly half the amount of the closing share price!
Why didn't management just do an ATM?
Well, here we are now with the closing price on Friday, **7/24/2026** @ 1.81 dollars.
If Hertz ever does manage to squeeze and management doesn't fuck us over, I would sell before approximately 89 million warrants are converted at a little bit over 1-to-1 ratio at an exercise price of **$12.81**
The warrants can be exercised up until June 30th, 2051 as per their S3 filing.
[https://d18rn0p25nwr6d.cloudfront.net/CIK-0001657853/e44fd0c4-b2e0-4c8e-991f-8981bbaf50a2.pdf](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001657853/e44fd0c4-b2e0-4c8e-991f-8981bbaf50a2.pdf)
https://preview.redd.it/wpzqtvt7z9fh1.png?width=555&format=png&auto=webp&s=3d019a1b0bfda17e8faaf67d6c9671389e59014b
Also, HTZ is only about \~32% of the free float shorted.
I'm not sure where you regards are getting \~75% from, but look in the filing showing 315 million common stock.
https://preview.redd.it/gm0kqzmfz9fh1.png?width=631&format=png&auto=webp&s=7a4ff59b458451ec25767675daccacd095823f15
It's still \~32% which is a very high number!
CVNA had a short float of approximately \~55% at the time of its squeeze.
So if all of the warrants are exercised, we'll see about an \~89 million share dilution, which would increase the float by \~23%
I'm not saying HTZ can't squeeze above that number, but there will be a huge wall of dilution that will need to be broken though at that point.
I'm personally selling a bit below $12.81 warrant exercise price if it can ever get there.
I'm going to hold past earnings.
**Fuck the management for their shady practices**, they could've done some other method of equity raise without having to add the component of providing borrowed shares, which was explicitly stated in the filing that it would be used to short the shares as a hedge.
I have full faith that the same powers that be who are going to make a killing on the short side, will eventually swing to the long side and make money both ways.
**Earnings**
Hertz Global Holdings, Inc Common Stock is expected\* to report earnings on 08/06/2026 before market open (**Wednesday**)
[https://www.nasdaq.com/market-activity/stocks/htz/earnings](https://www.nasdaq.com/market-activity/stocks/htz/earnings)
I'll provide an update on the outcome of my position at/near/post earnings.
Someone opened up 8.1K calls today for the Aug-14-2026 1.5 C below.
https://preview.redd.it/utnwqq3k0afh1.png?width=560&format=png&auto=webp&s=c9a2e5fb4efab9f7874c47bfa5dde650629941c2
There's just too much chicanery around for me to even try to interpret this, or try to see if this is part of some multi-leg strategy with an ITM call as a hedge.
I'll take it for what it is, we're in a casino and I'm straight up gambling here.
**EDIT**
I forgot to post the picture of the warrants.
https://preview.redd.it/834uh86f1afh1.png?width=863&format=png&auto=webp&s=6401d2a6d52a832754fc881b2fd0ac12cb0dd4dc
[https:\/\/d18rn0p25nwr6d.cloudfront.net\/CIK-0001657853\/fa78fca0-f553-48af-be1f-7be3ee898e03.pdf](https://preview.redd.it/gihsl48z1afh1.png?width=1186&format=png&auto=webp&s=fe20918f331ebbc447eabb5604e3b35960f9889c)