General Motors Files for IPO

Before you go, we thought you'd like these...
Before you go close icon
General Motors took the first step toward once again becoming a publicly traded company, filing its much anticipated paperwork for an initial public offering.

GM, which received a $50 billion taxpayer bailout last year in order to remain solvent, didn't disclose the number of shares to be offered or a price range for the IPO in a Wednesday filing with the Securities and Exchange Commission. The federal government and other stakeholders will sell common shares in the offering, while GM will issue Series B mandatory convertible junior preferred stock.

U.S. taxpayers currently own 61% of GM, but that stake will come down as the Treasury Department sells off its GM shares, according the the filing.
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners