here is another hot report
i get it from the cooker :d
Citigroup said Thursday it plans to propose a reverse stock split for its common shares, as well as an increase in its authorized shares outstanding, as the embattled bank moves ahead with a previously announced plan to convert preferred shares to common equity.
Citi also said it filed a registration with the Securities and Exchange Commission outlining the public exchange offer for preferred stock not held by the United States government, which is part of the financial aid package it announced with federal officials in February. The bank said it had already reached definitive agreements with holders of $12.5 billion in convertible preferred securities.
In Thursday’s announcement, Citi said that shareholder approval of the increase in shares outstanding wasn’t necessary to complete the exchange offer, which is intended to boost its tangible common equity and ease investors’ concerns about its financial strength.
Citi, whose stock price dipped below $1 earlier this month and closed Wednesday at $3.08, didn’t give details about the proposed stock split.
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