Evernorth arranges conditional share facility for XRP purchases

Evernorth Holdings has arranged a conditional share-sale facility that could raise up to $80.7 million in gross proceeds, with the company retaining discretion over whether to issue any shares and saying it expects to direct a substantial portion of any proceeds to additional XRP purchases. The Oct. 23 agreement allows CF Principal Investments LLC, identified in Evernorth’s filing as Cantor, to buy as many as 5,218,935 newly issued Class A shares. Evernorth may sell all, some or none of them. The arrangement can proceed only after the resale registration statement becomes effective and other contractual requirements are met. The $80.7 million estimate assumes the full allotment is priced at $15.46 per share, Evernorth’s closing price on Oct. 22. The agreement generally sets Cantor’s purchase price at 97% of the applicable volume-weighted average price. Actual proceeds will depend on the number of shares issued and their sale prices, so the estimate is not a guaranteed amount. Evernorth says possible uses include XRP purchases, working capital, general corporate purposes and activities in the XRP ecosystem. The company has not reported beginning sales under the facility or...