Evernorth Holdings, an XRP treasury company backed by Ripple, has seen its shares fall by more than 40% after registering 73,688,162 Class A shares with the U.S. Securities and Exchange Commission for potential resale by existing shareholders. The stock, which began trading on Nasdaq under the ticker XRPN on Oct. 12, dropped 23.54% on Nov. 10, closing at $7.96 versus $10.41 in the previous session. It is down approximately 48% from its Oct. 28 close and 59% from its debut-day high of $19.39. Arrington XRP Capital Fund registered 33.82 million shares, Ripple Labs 18.14 million, SBI Holdings-linked entities 11.79 million, and the Larsen Lam Children’s Remainder Trust 7.15 million. Registration does not mean the shares have been sold or will necessarily be sold, and six-month lock-up agreements apply to Ripple and several investors linked to the business combination.
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