Key facts
- Evernorth's Nasdaq listing has been delayed by four days due to an administrative issue.
- The XRP treasury firm expects its merger with Armada Acquisition Corp. II to close on or about October 9.
- Class A shares are expected to begin trading on Nasdaq under the ticker XRPN on or about October 12.
- The delay does not affect the deal structure or the outcome of the merger.
- Armada II shareholders approved the merger on September 30 with approximately 94% of votes cast in favor.
- Evernorth expects to hold approximately 473 million XRP at closing, positioning it as the largest publicly traded pure-play XRP treasury company.
Evernorth, an XRP treasury firm, has announced a four-day delay to its Nasdaq listing due to an administrative issue. The company's merger with Armada Acquisition Corp. II, originally slated to close on October 8 and begin trading on October 8, is now expected to finalize on or about October 9, with trading commencing on or about October 12 under the ticker XRPN.
In a Form 8-K filing signed on October 6, CEO Asheesh Birla confirmed the revised timeline, emphasizing that the delay is administrative and not expected to impact the deal's outcome or structure. The original plan for an October 7 close and October 8 trading start has been superseded.
Armada II shareholders approved the business combination on September 30, with approximately 94% of votes cast in favor. This approval remains unchanged. The S-4 registration statement was declared effective on August 27. Both the new closing and trading dates are subject to customary closing conditions and Nasdaq listing requirements.
Upon closing, Evernorth anticipates holding about 473 million XRP, making it the largest publicly traded pure-play XRP treasury company. Ripple is expected to contribute approximately 126.8 million XRP to this total. The company's strategy of growing XRP per share through lending, liquidity, and DeFi yield remains intact.
The transaction is projected to bring in approximately $300 million in gross cash before expenses, sourced from private placements ($225 million), convertible notes ($30 million), and Armada II's trust account ($48 million). Key backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.