DETROIT (AP) — General Motors Corp. notified shareholders Tuesday it is planning a reverse stock split that would give them one share of new stock for every 100 shares they currently own.
The automaker said in a filing with the Securities and Exchange Commission that the deal would be part of an agreement with the Treasury Department in which the government would assume at least half of GM’s debt in exchange for company shares. GM will send the information to shareholders currently holding a total of 610.5 million outstanding shares.
GM Stock to Become Worthless (1-for-100 Reverse Stock Split!)
May 6, 2009 by Nero