In Michigan
6:15 pm
Fri August 7, 2009

GM to issue 3.5 billion shares of stock in 2010

DETROIT, MI – General Motors Co. says it aims to register 3.5 billion shares of stock for a potential public offering sometime in 2010.

The company says that 2.5 billion shares would be common stock and 1 billion would be preferred.

The company is not saying when the shares would be sold.

GM also says that it will not report second-quarter earnings. It will report earnings for three- and nine-month periods before Sept. 30.

Those reports will come after the third quarter closes, and the company says they will not comply with general U.S. accounting principles.

GM says it will file reports that meet the accounting standards in 2010.