GM counters Whitacre’s comments on IPO

General Motors Chairman and CEO Edward E. Whitacre

General Motors’ Chairman Ed Whitacre was quoted earlier this week by Reuters saying that the company”s stock will be priced from $20 to $25 per share. GM today countered the comments made by Whitacre saying that the price range for the offering has “not yet been determined”.

The Securities and Exchange Commission filing today also backtracked to Whitacre’s statement in Reuters, which also stated that the IPO would take place in November.

“The Company cannot predict whether the Offering, if completed, will be successful or whether it will work. In addition, the Company cannot predict whether the Offering will occur in November,” the filing said.

Basically, don’t believe everything your hear until you hear it from General Motors itself.

– By: Stephen Calogera

Source: Detroit News