Evernorth registers 11.5M shares tied to $132.2M warrant exercise
- —11,499,992 warrants at $11.50 cap proceeds at roughly $132.2 million
- —On October 16 the XRPN share closed at $15.45 and the warrant at $4.16, $3.95 in the money
- —The prospectus cites general corporate purposes, not XRP purchases
- —Evernorth may redeem warrants at $0.01 if the share holds $18 for 20 of 30 trading days
Why it matters: If XRPN falls below $11.50 the warrants go unexercised and no cash reaches the XRP market, while any issuance without XRP buying dilutes XRP per share.
Source: CryptoTicker