Evernorth Merger Closes With XRP Priced At $1.43, Not $2.37

The Evernorth merger closed on October 9, 2026, and the paperwork prices XRP at $1.43069 for share math. That is 39.5% below the $2.36609 fixed at signing. Ripple, the sponsor fund and an affiliated trust all handed over tokens at the lower figure, according to the company's Form 8-K.

Both XRP reference prices sit in the private placements section of the October 9 filing.

How the lower price changed the Evernorth merger share count

Each investor's share count equals the subscription amount divided by $10, multiplied by the closing price over the signing price. That ratio comes out near 0.60 because XRP fell from $2.37 to $1.43 between signing and closing. One XRP therefore earned about 0.143 of a share at closing, not the 0.237 it would have earned at the signing price.

The closing figure is the average of the CME CF XRP-Dollar Reference Rate at 4:00 p.m. New York time on the three days before the close. Binance showed XRP near $1.40 early on October 10, so the reference sits close to the spot market.

Where the Evernorth merger XRP came from

The 8-K lists four XRP-denominated deals. Ripple contributed 126,791,458 tokens for 18,139,927 company units. Arrington XRP Capital Fund, the sponsor, put in 211,319,096 XRP and received 926,878 Class A shares plus 29,306,333 Class C shares. The Larsen Lam Children's Remainder Trust, an investor affiliated with Ripple, contributed 50 million XRP for 623,509 shares and 6,529,941 units.

Smaller subscribers added 800,000 XRP, with 600,000 in the advance round and 200,000 in the delayed round. All these agreements add up to 388,910,554 XRP. They also brought in $224.55 million of cash, split into $214.05 million and $10.5 million.

Redemptions emptied most of the merger trust

Holders of 18,463,753 SPAC shares, about 80.3% of those able to redeem, took cash at roughly $10.58 a share. That payout totals about $195.39 million. The other 4,536,247 public shares converted into Class A stock of the new company.

About $47.6 million left the trust account, per the pro forma exhibit. Adding that to the subscription cash gives roughly $272 million of cash inflows tied to the deal. That sum is derived from the two filing figures.

After the Evernorth merger, the company had 22,268,905 Class A shares held by 21 holders of record. It also had 32,211,992 Class C shares and 11,739,645 warrants outstanding. Ripple, the sponsor and the related trust signed a lock-up that runs six months after the closing date. Shares and warrants trade on Nasdaq as XRPN and XRPNW from October 12, the filing says.

Accounting for the tokens

Evernorth does not mark its XRP to market. The pro forma statements carry the tokens as indefinite-lived intangible assets at historical cost less impairment. Management says they fall outside the fair-value crypto accounting standard. For the six months to June 30, 2026, the group booked $264.1 million of impairment against those holdings.

Coinbase's lowest XRP quote from July 1 to the closing was $0.99, and the exhibit says that level would add another $6.9 million of impairment. For a comparison deal, see the TOCE report on the First Digital SPAC and its stablecoin fallout. Prices here are from October 10, 2026. This summarizes a public filing and is not a forecast for XRP or for the Evernorth merger stock.