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Ripple-backed Evernorth completes SPAC merger, to list on Nasdaq with 473M XRP and $300M cash
Ripple-backed Evernorth has completed its SPAC merger and is expected to begin trading on Nasdaq under the ticker XRPN on Monday, Oct. 12. The transaction involves approximately 473 million XRP and $300 million in cash proceeds. Despite this corporate milestone, XRP's price continues to decline, with weekly losses of roughly 9% to 10%, trading around $1.40-$1.41 on Oct. 10. This is attributed to broader cryptocurrency market weakness, macroeconomic factors like higher oil prices, elevated U.S. Treasury yields, a stronger dollar, and Bitcoin's decline.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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