XRP: this is what the resale of more than 73 million shares by Evernorth changes
Evernorth, a Nasdaq-listed company backed by Ripple, is paving the way for the resale of more than 73 million of its shares. While its stock fell 25% in a few days, the operation raises concerns about its reserves of…
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https://cryptoast.fr/evernorth-xrp-revente-73-millions-actions/
Evernorth, a Nasdaq-listed company accumulating XRP with the backing of Ripple, is paving the way for the resale of more than 73 million of its shares. A prospect which could increase the pressure on its stock price, already in sharp decline for several sessions.
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In an Oct. 30 filing with the SEC, Evernorth records the potential resale of 73,688,162 Class A shares and 239,653 warrants.
Evernorth（Nasdaq: XRPN: 8,000%調達枠（エクイティ・ライン）に関する契約を締結しました。
This is not an immediate sale. These securities belong to investors, and Evernorth will not receive any proceeds from their possible resale. Only 19.1 million of these shares already exist. The others may be created by conversion or exchange of other securities, or by exercise of subscription warrants.
Among the main shareholders affected are Arrington XRP Capital, Ripple and the Japanese group SBI. However, certain participations remain subject to sales restrictions, in particular until April 9, 2027.
The prospect of new sales comes in a difficult context for Evernorth. Yesterday, XRPN stock closed at $10.59 on the Nasdaq, down 11.6% on the session. It has thus lost 25.4% since October 30, the date of filing of the prospectus. However, this decline cannot be attributed with certainty to this announcement alone.
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As of October 9, Evernorth reported holding approximately 473 million XRP. At the current price, close to $1.30, these reserves represent a theoretical value of more than $615 million.
The company notably purchased 84.4 million XRP for approximately $214 million, or an average price of $2.54. This portion of its reserves therefore displays a significant unrealized capital loss.
The prospectus provides for the possibility of selling part of the reserves to finance the company's activities or meet its liquidity needs. But no sale of XRP linked to this operation has been confirmed.
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