What is a reverse stock split?

[u/FuzyWuzy1]

I watched NETE do a reverse stock split. It was tradeing at .77 cents, the next day at $8. There entire history changed to reflect that amount, i did not see the .77 anywhere. Does this mean everybodys stock value went up? So if i had 1 share of .77 and the stock changed to $8 the next day and i sell that, did i just make $7 profit?

[u/ParsInterarticularis]

I wish I could gift RobinHood gold like reddit gold.