DETROIT -- Five percent of General Motors' common shares are being set aside for employees and dealers to buy in the company's initial stock sale.
GM disclosed the amount Thursday in a filing with the U.S. Securities and Exchange Commission. GM says it asked investment bankers running the initial public offering to reserve the shares for U.S. and Canadian employees, retirees and dealers.
The initial sale of GM's stock is expected to take place in November. A date and price at which shares will be sold have not been set officially. GM Chairman Ed Whitacre thinks GM's stock will be priced at between $20 and $25 a share.
Employees and dealers have until Oct. 22 to sign up to buy the shares at the IPO's initial price. They must invest at least $1,000.
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