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On October 12, official trading in shares of Evernorth Holdings Inc. (XRPN) began on the Nasdaq exchange. Simultaneously with the start of the full trading session, the issuer filed a fresh Form 8-K regulatory report with the SEC
The document corrected technical inaccuracies in the previous releases and recorded the final distribution of stakes among anchor investors, lifting the veil on exactly who controls the new XRP treasury
According to the first-day trading report, Evernorth's treasury assets were formed through a direct exchange of XRP tokens for equity in the combined company (in-kind swaps)
The fresh document discloses the exact holdings of key Ripple insiders and strategic partners
In total, within the private placements, investors received 15,288,001 Class A shares and 31,392,746 Class C shares. Meanwhile, the former retail shareholders of the shell SPAC Armada received only 20.5% of the Class A shares in the new capital structure
The XRPN chart greeted the full start of trading with a sharp correction. For a long time before the merger, the stock sat stationary at the baseline $10.00 mark typical for SPACs
In late September, on expectations of the deal closing, an aggressive speculative surge began, during which XRPN quotes soared vertically in pre-market trading to a peak of $48.50, and technical oscillators moved into deep overbought territory
By today's close, October 13, the share price had corrected to almost one-third of its highs and stabilized at $17.07 (showing a symbolic daily gain of +0.95%). The RSI returned to an entirely neutral zone (49.92)
The first wave of excitement is over: XRPN's dynamics will now depend solely on how the new management, led by former Coinbase Asset Management director Hugo Jandesboz, manages this tokenized XRP treasury
