Business

GM files to sell shares to the public

NEW YORK (CNNMoney.com) — General Motors filed registration documents Wednesday to sell shares to the public again, setting the stage for the U.S. government to reduce its ownership of the automaker.

In a highly-anticipated regulatory filing, GM said it plans to offer an unspecified number of common shares on the New York Stock Exchange under the company’s previous ticker symbol of “GM.”

The automaker said it will not receive any proceeds from the sale of common stock held by current shareholders, including the U.S. government. At the same time, the company said it will offer an undisclosed number of preferred shares, which will be used to fund its operations.

Full story: GM files to sell shares to the public – Aug. 18, 2010

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