Evernorth Holdings Inc. has hired Hugo Jeandesboz as chief investment officer to lead its XRP treasury strategy, the company said in an Oct. 12 press release that it filed with the SEC on Tuesday.
Jeandesboz joins from Coinbase Asset Management, where he was co-chief investment officer and led the firm’s Solutions investment strategies. According to the release, he was previously Coinbase’s lead derivatives trader, traded interest rate derivatives at HSBC in New York, and started his career at Société Générale. He reports to founder and Chief Executive Officer Asheesh Birla.
The release says the role covers “treasury allocation, liquidity management and the active management of Evernorth’s own XRP holdings,” and makes him the company’s senior contact for trading counterparties and custodians. The filing does not disclose his compensation or a separate start date. The release says he “has joined.”
The same Form 8-K corrects the company’s post-closing report. At the Oct. 9 closing of its merger with Armada Acquisition Corp. II, Evernorth issued 1,078,613 Class A shares to investors with delayed-funding subscription agreements, “not 663,510 shares as was indicated” in that earlier filing, “due to a clerical error,” the 8-K says. Those shares were priced at $10.00 each against the subscription amount, whether paid in cash or XRP. The correction also changes several other figures. Class A shares outstanding at closing are now 23,638,882, and Class C shares are 31,392,746. Former SPAC public shareholders held 20.5% of the Class A stock.
XRPN closed Tuesday at $16.48, down 2.54% on its second day of trading as Evernorth, according to StockAnalysis. It traded between $15.70 and $17.86 on about 1.27 million shares.
Company leadership is scheduled to ring the Nasdaq closing bell on Wednesday, Evernorth said in its Oct. 9 announcement.
Sources: SEC Form 8-K; Evernorth press release (Ex. 99.1); StockAnalysis