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.
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