GM -- EV Batteries -- November 23, 2024

Locator: 44398BATTERIES.

November 23, 2024: link here.

From the linked article:

General Motors cut its stake in a maker of rechargeable batteries for electric vehicles.

GM Ventures, a unit of GM’s General Motors Holdings subsidiary, sold 13.3 million shares of SES AI on November 15, 2024, for $2.7 million, an average of 20 cents per share.

GM Ventures now owns 9.8 million shares, according to a form GM Holdings filed with the Securities and Exchange Commission. Coupled with GM Holdings stake of 9.9 million SES AI shares, GM now has overall ownership of 19.7 million SES AI shares, a stake of 6.2%.

Of the SES AI shares owned by GM, 2.1 million shares held by GM Ventures and 836,826 shares held by GM Holdings are restricted earnout shares that GM has the right to acquire upon achieving certain stock-price performance targets.

In response to a request for comment, GM provided this statement: “GM Ventures is beginning the process of reducing its investment position in SES following a fruitful multiyear collaboration that includes the company’s public listing, and the completion of our joint-development research. These actions are consistent with GM Ventures practice after a portfolio company’s successful listing.”

Much more at the link.