Ripple-backed Evernorth faces 73.7 million-share selling overhang after brutal stock market debut
Summary
Evernorth registered 73.7 million shares for potential resale, naming major backers including Arrington XRP Capital, Ripple Labs and SBI-affiliated entities. The filing does not mean investors have sold or plan to sell; some holdings are subject to lockups generally lasting until April 2027, and many registered securities require conversion or exchange before becoming public shares. Evernorth says registration fulfills commitments tied to its merger and would receive no proceeds from resales, apart from possible warrant exercises. The disclosure comes as its stock has fallen about 38% from its debut-day high. The XRP treasury company warned that actual or anticipated large shareholder sales could pressure its volatile stock price.
