Ripple-backed Evernorth faces 73.7 million-share selling overhang after brutal stock market debut

Evernorth filed to register 73.7 million shares for potential resale as its stock plunged following its Nasdaq debut.The XRP treasury company's Oct. 30 SEC filing identifies Ripple Labs, Arrington XRP Capital and affiliates of Japan's SBI Holdings among investors whose holdings could eventually enter the public market.The registration comes as Evernorth's shares have lost nearly 40% of their value from their October 12 debut-day high of $19.39.XRPN fell to a post-merger record closing low of $11.70 on Nov. 2 before recovering to $11.98 the following day, leaving the stock approximately 38% below that initial high.The decline has brought additional attention to Evernorth's ownership structure, which includes some of the XRP industry's most prominent institutional backers.According to the filing, Arrington XRP Capital Fund registered approximately 33.82 million shares for potential resale, while Ripple Labs accounted for another 18.14 million.Four SBI-affiliated entities collectively registered approximately 11.79 million shares, with the Larsen Lam Children's Remainder Trust, associated with Ripple co-founder Chris Larsen, accounting for another 7.15 million.Other investors named in...