Providers and Administrators in blue logo
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

Photo of the rear of a new BMW iX SUV
Industryby Hannah MitchellMay 12, 2026

New-Vehicle Prices Rise

With April sales down, higher prices on in-demand large vehicles helped inflate the overall ATP, though increases were under long-term averages, Cox Automotive reported.

Read More →
Graphic of car segments' results the previous week
Industryby StaffMay 12, 2026

Black Book: Weekly Market Update

Last week in the wholesale automotive market proved to be a mixed bag, analysts reported.

Read More →
Graphic of last week's estimated used retail days to turn
Industryby StaffMay 6, 2026

Black Book: Weekly Market Update

Conversion rates were flat last week at 63%, Black Book analysts calculated, as low-mileage and almost-near units outpaced the overall market.

Read More →
Ad Loading...
cargo ship with vehicles, at dock
Industryby Lauren LawrenceMay 5, 2026

EU Auto Association Urges Action

Trade relations between the European Union and the U.S. are at risk, causing the European Automobile Manufacturers Association to push lawmakers to make a decision.

Read More →
two people working on a paper contract together
IndustryMay 1, 2026

Driving into the Super CFC Era

Understanding the risks and benefits of retail accounting and Super CFCs can help you better present options to your dealer partners.

Read More →
Photo of outdoor electric-vehicle charger
Industryby Hannah MitchellApril 28, 2026

Global Roads Getting More Electric

China easily reigns in the segment, but European countries’ adoption rates are growing. The U.S., probably due to market size, has the second biggest EV fleet.

Read More →
Ad Loading...
Graphic of wholesale weekly price index
Industryby StaffApril 28, 2026

Black Book: Weekly Market Update

The full-size pickup segment, which has been dominant in the U.S., ended 11 consecutive weeks of gains with a slight dip last week.

Read More →
Line graphic showing week-over-week wholesale auto price changes
Industryby StaffApril 22, 2026

Black Book: Weekly Market Update

Wholesale auto conversion rates dropped slightly as auction buyers proved picky last week, analysts observed.

Read More →
pavement with car and charger wrapped around it painted on

EV Battery Cycle Life at Risk

Fast charging of electric vehicles provides a solution for range anxiety, but it also poses a risk to battery cycle life due to increased temperatures, according to an EV supply chain data provider.

Read More →
Ad Loading...
Photo of exterior facade of Beardmore Chevrolet store
Industryby Hannah MitchellApril 14, 2026

Founding Family Sells Nebraska Dealerships

Expanding Midwest automotive group picks up three stores as part of the robust transaction activity early this year.

Read More →