Evernorth Holdings signed a stock purchase agreement with CF Principal Investments, a Cantor Fitzgerald affiliate, that allows it to issue nearly 5.2 million Class A shares over the coming months. The source estimates proceeds of $80.7 million, but says the amount raised will depend on the share price, market liquidity and how many shares are issued.
CF Principal Investments can buy the shares at 97% of their volume-weighted average price during the relevant period. Evernorth says it expects to use a substantial portion of any proceeds to buy XRP, with funds also available for working capital and other corporate purposes. Issuing more shares could dilute existing shareholders’ ownership stakes.
