Evernorth takes a page from Michael Saylor’s Bitcoin playbook with new $80 million XRP funding plan
BTC when published $80,387Now $80,595 ▲ +0.26% since it was published
Evernorth Holdings could raise approximately $80 million through a new equity financing agreement with Cantor Fitzgerald to expand its XRP treasury. An accompanying SEC prospectus estimates that the arrangement could generate $80.7 million in gross proceeds, or approximately $78.3 million after fees and expenses, based on Evernorth's Oct. 22 closing share price of $15.46. Evernorth intends to allocate a substantial portion of the proceeds toward acquiring additional XRP, while using the remaining capital for working capital, corporate expenses, and activities within the XRP ecosystem. Under the agreement, the Nasdaq-listed company can direct Cantor to purchase shares periodically at 97% of their volume-weighted average trading price. The arrangement lets Evernorth access capital in installments, with management deciding when to issue shares based on market conditions and financing needs.
First reported by CryptoSlate. This page is a short excerpt; the full text is theirs.
