XRP Price Collapse Forces Evernorth to Rewrite $1 Billion Nasdaq Deal

The price collapse of XRP has caused significant changes to Evernorth's $1 billion Nasdaq listing deal. The original agreement was negotiated using an XRP reference price of $2.36, but with XRP now trading around $1.00, the company had to rework the transaction.

According to BSCN, the revised structure keeps the share price fixed at $10, but each share will represent more XRP based on its volume-weighted average price (VWAP) at closing. This means that investors would receive a larger XRP-backed exposure per share than originally planned.

The move is significant because Evernorth controls 473.27 million XRP, which at $1.00 per token is worth around $473 million - dramatically lower than the valuation implied by the original $2.36 assumption.