Hertz drops after $250 mln stock sale plans unveiled

Shares of Hertz Global HTZ.O down 1.5% to $5.68 premarket as car rental firm looks to raise capital, including equity

Co files mixed shelf including up to $250 mln ATM (at the market) equity sales program to be handled by Jefferies, Barclays, and BMO among 11 other investment banks

It says it plans to use net proceeds from any sales to retire outstanding debt

Estero, Florida-based firm has ~309.3 mln shares outstanding as of May 5, giving it ~$1.8 bln market cap

HTZ shares slid ~17% to close at $5.77 on Tues after co's Q1 results missed Wall Street's expectations driven by reduced vehicle fleet, and as demand moderated among businesses, government agencies, and international travelers visiting the U.S.

Last month, hedge-fund billionaire Bill Ackman boosted his stake in HTZ to nearly 20% through his investment management company Pershing Square, sending its shares up 56% on Apr 16

Through Tues close, HTZ shares up 57.5% YTD