A registration that became effective on October 19 allows up to 11,499,992 of Evernorth’s public warrants to be exercised at $11.50, representing potential financing of $132,249,908 before costs. Under a conditional model based on 473 million XRP, roughly 70% of gross proceeds would need to be allocated to XRP purchases to preserve the ratio of 6.07 XRP per economic share, and more would be required to improve it. Full warrant exercise could therefore enable the purchase of approximately 70 million XRP at $1.32, costing about $92 million. The actual outcome will depend on cash exercises, net proceeds, completed XRP purchases, and the allocation of economic interests among Class A shares, Class C shares, and units held outside the public parent.
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