An example of a corporate action that increases the number of shares outstanding is a:

A seasoned equity offering represents a corporate action through which a company issues additional shares to raise capital. By selling new shares to the public or existing shareholders, the company increases its total number of shares outstanding. This action is often pursued by companies looking to fund expansion, pay down debt, or strengthen their balance sheet.

In contrast, a share repurchase reduces the number of shares outstanding as the company buys back its own shares from the market. A reverse stock split also decreases the number of shares because it consolidates existing shares into fewer ones, typically at a higher price per share. A preferred stock offering, while raising capital, generally does not directly increase the number of common shares outstanding, as it pertains to a different class of equity. This highlights why a seasoned equity offering is the correct choice for exemplifying an increase in shares outstanding among the options presented.