David Einhorn Takes Action at General Motors

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Link to Filing: https://tinyurl.com/n8yrr9x

This Proxy Statement and the enclosed GREEN proxy card are being furnished by Greenlight Capital, Inc. and certain of its affiliates (as identified on Annex I, collectively, “Greenlight,” “we”, or “us”), and the nominees named in Proposal 1 (the “Nominees” and, together with Greenlight, the “Participants”), in connection with the solicitation of proxies from the shareholders of General Motors Company, a Delaware corporation (“General Motors”, “GM” or the “Company”).

 

We believe that the Company’s stock has been significantly undervalued in the market relative to its prospects and trades at a large discount to its intrinsic value, despite good operating performance. We believe the Company should issue an additional class of common stock because splitting the common equity into two classes of stock will create substantial and enduring value for the Company’s shareholders and reduce the Company’s cost of capital while increasing its financial flexibility. We also think the Board of Directors of the Company (the “Board”) would benefit from the addition of new directors with fresh ideas and an investor’s perspective to address the discounted price of the Company’s common stock. Therefore, we are nominating three Nominees to help re-energize the Board and bring additional focus to closing the valuation gap in GM’s stock.


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