GM sets July 10, 2010 as target date for its IPO offering
In its regulatory filing on Friday, the new General Motors (GM), majority-owned by the US Treasury, has given July 10, 2010 as the target date for its intended initial public offering (IPO) of stock - the date marks the one-year anniversary of the Detroit-based automaker's exit from bankruptcy, after having filed for bankruptcy protection in June.
In its with the US Securities and Exchange Commission (SEC), GM specified that, if market conditions remain conducive, it would make "reasonable best efforts" to sell shares in an IPO offering by the target date. GM spokeswoman, Renee Rashid-Merem elaborated that out of the 2.5 billion shares of common stock that the automaker has been authorized to issue, "only a portion" would be issued via the intended IPO.
Commenting on GM's efforts towards the IPO objective and the target date set for it, Erich Merkle - President of Michigan-based consulting firm Autoconomy LLC, remarked: "That would be the very earliest they could do it."
Ron Bloom, of the Obama administration's autos task force, and the GM Chairman Ed Whitacre reiterated separately on Wednesday that the company was 'on track' for the proposed July 2010 IPO.
Additionally, in a statement after the regulatory filing, GM CEO Fritz Henderson said: "Today's disclosures are consistent with our commitment to remain transparent and to keep the public informed of our progress."