Ripple-Backed Evernorth Shares Face Massive Selling Threat
Summary
Ripple-backed Evernorth registered up to 73.7 million shares for potential resale, including holdings tied to Arrington XRP Capital, Ripple, SBI Holdings and a trust associated with Chris Larsen. The registration fulfills contractual obligations and does not mean investors plan to sell; some major holders are subject to lock-ups generally lasting until April 2027. Evernorth warned that actual or anticipated shareholder sales could pressure its stock. Its shares fell from $19.39 at their October 12 debut to a November 2 closing low of $11.70. The company launched with about 473 million XRP in its treasury.
