Although GM's stock has been relatively stable since the company's November IPO, the closing bell rang today with GM's share price under $30.Despite signs pointing towards a positive turnaround, General Motors' stock price closed below $30 today, marking the stock's lowest price since GM's initial public offering in November.
GM's stock closed the day at $29.97 per share, although it hit a daily low of $29.90. GM's stock opened the day at $30.24.
GM's IPO launched last November with a share price of $33. However, today's low is down 11 percent from that mark and 24 percent off from the stock's high price of $39.48.
GM's stock price is likely being held down by the pending liquidation of Old GM. Stakeholders in the Old GM are set to receive about 105 million shares of the new GM, representing about 75 percent of the planned 150 million shares in the new GM. Despite the obvious stock price pressure, GM says it's not worried.
"We're going to stay focused on running a great company," GM spokesman Jim Cain said.
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