NEW YORK (Bloomberg) -- General Motors Co. may sell preferred shares alongside its initial public offering of common stock and won't sell any common shares itself, according to a draft of its regulatory filing and a person briefed on the plan.
GM, 61 percent owned by the U.S. government, may use the proceeds from the preferred offering for general corporate purposes, according to the draft document and the person, who declined to be identified because the filing hasn't been publicly released.
The automaker won't get proceeds from the sale of common stock in its IPO, while the U.S. Treasury will offer some of the common shares it holds in GM, according to the person, who verified details of the draft that may be modified before its final version.
Randy Arickx, a GM spokesman, declined to comment, as did Mark Paustenbach, a spokesman for the Treasury.
The common shares will be listed on the New York Stock Exchange and the Toronto Stock Exchange, while the preferred shares would be listed on the NYSE, according to the draft and the person. The preferred shares will be convertible to common stock at a price that wasn't specified and are contingent on the completion of the common share sale, according to the details in the draft confirmed by the person.
The offering is code-named Project Dawn, according to the document.