Hacking News
Ripple-Backed Evernorth Plunges 40% Amid Insider Selling
Ripple-backed XRP treasury company Evernorth Holdings (XRPN) has seen its shares plummet by over 40% since its debut on Nasdaq on October 12. The stock price dropped 23.54% on November 10, ending the day at $7.96, down from $10.41 the previous day. The decline is attributed to insider selling, with major investors like Ripple Labs and Arrington XRP Capital Fund registering shares for potential resale. The prospectus filed with the SEC revealed that Evernorth has registered 73,688,162 Class A shares for resale by existing shareholders, including 33.82 million from Arrington XRP Capital Fund and 18.14 million from Ripple Labs.