P&A Providers & Administrators
MenuMENU
SearchSEARCH

GM Clarifies Whitacre's Stock Price Comments in Filing with SEC

October 16, 2010
2 min to read



General Motors Co. on Friday "clarified" Chairman Edward Whitacre Jr.'s comments this week that shares in the company would likely be priced between $20 and $25 when GM launches its initial public stock offering.


In a filing Friday with the Security and Exchange Commission, GM said a price range for its initial public offering has not been determined and the automaker cannot predict when the shares will be priced or what the price will be, reported The Detroit News.

Ad Loading...


Whitacre's comments were reported Wednesday by Reuters, who spoke to the executive at a business event near his home in San Antonio. "It's a little too early to say, but it is going to be somewhere in the $20 range … $20, $25, something like that would be my guess," Whitacre told Reuters.


Reuters also quoted Whitacre as saying, "I can't say how much we'll sell, but I can say we'll have a successful IPO sometime in November." Whitacre told Reuters he predicted the IPO would successfully reduce the U.S. government's 61 percent stake in GM.


GM has declined to comment on the terms of the IPO, citing federal regulations that call for a "quiet period" before the offering, when officials are not supposed to speak publicly about the sale.


In Friday's filing, GM appeared to be distancing itself from Whitacre's statements. Under a section called Corrections and Clarifications, GM said that it cannot predict whether the offering will be successful or help the government sell off its stake in the automaker.


The filing says Whitacre's comments "were not intended and should not be considered as offering material."

Ad Loading...


GM does not claim Whitacre was misquoted by the Reuters report. GM officials earlier this week declined comment on Whitacre's statements.


Sources, however, have previously told The Detroit News that GM shares will likely split 4-to-1 to make them more affordable at an individual share price between $20 and $35. These sources also have said the IPO is timed for mid-November with a "road show" to court investors starting after the Nov. 2 midterm elections.


The Treasury Department's special inspector general said the government needs to get $133.78 a share to break even on the bailout. The government holds about 304 million shares of common stock and another $2.1 billion in preferred stock.


More Industry

Kia Niro SUV in gold color parked outdoors
Industryby Hannah MitchellSeptember 1, 2026

Kia Closes Out Summer With a Bang

Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.

Read More →
Outside of Auto Park Ford dealership
Industryby Lauren LawrenceSeptember 1, 2026

Indiana Dealership Changes Hands

A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.

Read More →
Three men standing in front of two classic cars handing off gift.
Industryby Hannah MitchellAugust 25, 2026

Texas Dealership No Longer in the Family

The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.

Read More →
Ad Loading...
Outside of modern car dealership “Genesis of San Bruno
Industryby Lauren LawrenceAugust 25, 2026

Genesis Grows California Presence

The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.

Read More →
Red Honda Civic hybrid sedan on two lane road with green hills in background
Industryby Hannah MitchellAugust 21, 2026

August Auto Sales a Mixed Bag

An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.

Read More →
EV charger inserted into dark-colored car port
Industryby Hannah MitchellAugust 18, 2026

EV Market Humming Along

July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.

Read More →
Ad Loading...
car in background with hand giving a thumbs up in front
Industryby Lauren LawrenceAugust 14, 2026

Auto Loan Delinquency Rates Stabilize

Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.

Read More →
blue sky, yellow and orange rollercoaster with riders going up an incline
Industryby Lauren LawrenceAugust 12, 2026

EV Sales Recover in Q2

The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.

Read More →
Photo of blue Toyota Prius parked next to body of water with city skyline in background
Industryby Hannah MitchellAugust 5, 2026

The Cheapest Hybrids to Fuel

The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.

Read More →
Ad Loading...
white SUV parked in front of a body of water with a gray sky background
Industryby Lauren LawrenceAugust 5, 2026

Hybrids and SUVs Gaining Ground

The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.

Read More →