GM formally files notice to go public

General Motors Co. files a regulatory notice today announcing its intention to begin publicly selling shares of the reorganized company, marking a first step towards unwinding the U.S. government’s 60.8% stake.

GM says certain current individual shareholders will sell common stock, while the company will issue mandatory convertible junior preferred stock and use the proceeds for general corporate purposes.

To read the full story, visit WardsAuto.com.