Ripple-Backed Evernorth Crashes Over 23% as Insiders Get Cleared to Sell

Evernorth Holdings (Nasdaq: XRPN), the XRP treasury company backed by Ripple, plunged 23.5% to $7.96 on Nov. 10 after a prospectus covering up to 73.7 million shares for resale went live. The sell-off followed a final prospectus dated Nov. 9 and filed with the U.S. Securities and Exchange Commission (SEC). It covers “the potential offer and sale from time to time” of up to 73,688,162 shares of Class A common stock by selling securityholders, plus 239,653 sponsor warrants. Only part of that total is already trading, and the filing breaks it down into 19,102,635 issued and outstanding shares, up to 31,392,746 shares issuable on conversion of Class C stock, and up to 22,953,128 shares that could come from redeeming or exchanging company units.

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