Hertz Global Holdings Inc. (HTZ) experienced a notable surge in its stock price, doubling ahead of an at-the-market (ATM) offering intended to raise additional capital. Market activity suggests that Pershing's desk aggressively purchased HTZ shares after hours, potentially to pressure short sellers and facilitate the company's capital raise, reminiscent of strategies used during Hertz's bankruptcy period. Speculation has arisen about investor Bill Ackman's possible involvement in the stock's movements. Despite the price rally, Hertz is reportedly seeking to increase its debt to strengthen its cash position, indicating challenges in leveraging the ATM offering alone. Additionally, some market participants anticipate that prominent investors like Carl Icahn may soon initiate short positions against HTZ.