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GM to Convert Series B Convertible Preferred Stock into Common Shares

GM to Convert Series B Convertible Preferred Stock into Common Shares

The Series B convertible preferred stock of General Motors will be converted into common shares by the automaker effective December 1st.

The move will likely save the automaker money, as it does not pay a dividend on common stock.

The Series B stock paid out $59.4 million every quarter and $237 million in dividends yearly.   The move will also add approximately 137 million new shares of common stock for the automaker.

 

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