Evernorth Slides 24% After 73.7 Million-Share Filing

Evernorth shares fell 24% after the XRP treasury company filed a prospectus covering the potential resale of 73.7 million shares by existing investors. The filing does not release key holders from their six-month lock-ups, leaving the supply overhang unresolved even as resale eligibility expands. The drop matters because it signals that investors are pricing in dilution risk from the newly registered shares while the lock-up structure keeps insider selling constrained for now. Watch for the pace of actual resales under the prospectus and whether the company clarifies the timing of the lock-up expirations.