GM Announces $13B Initial Public Offering 11-03-2010 - WNEM TV 5

GM Announces $13B Initial Public Offering 11-03-2010

General Motors Company on Wednesday announced it has commenced a public offering and says the company's shares will be priced between $26 and $29 each in an initial public offering.
GM announced the price range in a filing with the Securities and Exchange Commission on Wednesday. GM also says it has split its shares three-for-one in advance of the IPO, which is expected later this month.
The price range and split were revealed in a series of GM announcements that included a third-quarter earnings forecast of $1.9 billion to $2.1 billion.
The offering will consist of 365 million shares of common stock to be sold by certain of its stockholders. The company will also issue 60 million shares of its Series B mandatory convertible junior preferred stock with a liquidation amount of $50 per share.
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