What action by president lincoln most angered the radical reoublicans in congress.
Shares also trade in a secondary market on stock exchanges. A company can increase or decrease the number of shares outstanding without an IPO through stock splits and reverse splits. In all cases, the beneficiary of reverse split activity is the management of the company performing the reverse split. Shareholders may or may not benefit depending on the specifics of the reverse split.
The reverse stock split reduced the outstanding number of Citigroup shares to 2.9 billion from 29 billion. A shareholding owning 1,000 shares prior to the reverse split was left with 100 shares after the reverse split.