Wednesday, August 18, 2010
The U.S. Department of the Treasury today announced that it has agreed to be named as a selling shareholder of common stock in General Motors Company's (GM) registration statement on Form S-1 filed with the Securities and Exchange Commission (SEC) for a proposed initial public offering. Treasury will retain the right, at all times, to decide whether and at what level to participate in the offering.
Treasury owns 60.8 percent of the common stock of GM as well as $2.1 billion of Series A preferred stock. The proposed initial public offering will not include the Series A preferred stock held by Treasury.