Hertz Global Holdings (HTZ  ) has revealed that it received a delisting notice from New York Stock Exchange administrators just days after the company's bankruptcy filing. Hertz has filed an appeal with the exchange and will remain listed until the matter is resolved.

Hertz announced on Wednesday the news of its delisting notice, the delisting notice was issued on May 26, several days after the company filed for Chapter 11 bankruptcy. The company also announced that it had filed an appeal with the NYSE, and was awaiting the decision of exchange administration. Hertz's shares will still be available to trade, and the company will remain listed for the time being.

"There can be no assurance that the NYSE will grant the company's request for continued listing at the hearing and whether there will be equity value in the company's common stock," said Hertz.

Hertz has been a market oddity in the weeks leading up to the announcement. Typically, a bankruptcy declaration is a call to "abandon ship" for investors, which will inevitably drive the company's stock to rock bottom. While some investors ran for the lifeboats, oddly enough, many stayed with the company. In fact, those that stayed with the company drove stock up 900% in the aftermath of the bankruptcy announcement in a rebound that left Wall Street shocked and confused. Explanations range from investors who lack an understanding of bankruptcy and restructuring to abnormal behavior from trading programs.

Hertz's bull run, while providing some relief for the ailing firm, was ended by the news of the company's delisting notice. The company's 900% jump, which landed it at $5.53 at the run's peak, was erased within hours, with Hertz shares dropping 54% to 2.52 by the end of trading on Wednesday. Hertz lost an additional 12% in post-market trading.

Hertz's May bankruptcy, like many companies currently struggling financially, was a result of the Coronavirus pandemic. The lack of travel worldwide hit Hertz hard, with the company laying off or furloughing 20,000 employees. "With the severity of the COVID-19 impact on our business, and the uncertainty of when travel and the economy will rebound, we need to take further steps to weather a potentially prolonged recovery," Hertz President and CEO Paul Stone said at the time.