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GM Series A Warrants Set to Expire on Friday, July 8

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When GM received a government bailout amid the 2009 financial crisis, the company issued two series of warrants: GM Series A warrants and GM Series B warrants. And on Sunday, July 10, 2016, the former warrants will expire.

So today General Motors issued a friendly reminder to warrant holders about the publicly traded Series A warrants’ looming expiration date. But because the expiration date is on a Sunday, which is not a trading day on the NYSE, the real deadline for exercising warrants will be Friday, July 8, 2016, because that is the Depository Trust & Clearing Corporation’s (DTCC) cutoff time for exercises.

For the last seven years, the GM Series A warrants have been trading under the symbol (NYSE: GM.WS.A), ever since originally being issued in July of 2009. The NYSE will suspend trading in the warrants after the close of trading on the day of July 1st, in order to ensure that all trades can be settled by July 8, 2016.

The warrants hold an exercise price of $10.00 per share, and as of Friday, there were still roughly 11.7 million redeemable warrants outstanding.

Warrant holders who are looking for further information on exercising their warrants are encouraged to contact their broker or the US Bank National Association, GM’s warrant agent. Brokers, in kind, are encouraged to contact the US Bank National Association or the DTCC before the July 8th expiration date to confirm the procedures for exercising warrants and the payments of exercise prices.

All warrants that aren’t exercised in advance of July 8, 2016, will expire and be canceled, and the holder will receive zero shares of GM common stock.