Evernorth Holdings has shifted its Nasdaq trading debut under the ticker XRPN from October 8 to Monday, October 12, 2026, citing an administrative delay. The company emphasized that the schedule change does not affect the finalization of its business combination with Armada Acquisition Corp. II.
Evernorth now expects the SPAC merger to close on Friday, October 9, subject to customary closing conditions and Nasdaq listing requirements. Armada shareholders approved the merger on September 30 at an extraordinary general meeting, according to a Form 8-K filing with the SEC.
The listed vehicle aims to become the largest publicly traded corporate treasury focused on the Ripple ecosystem. Evernorth anticipates holding approximately 473 million XRP at closing, along with roughly $300 million in gross cash proceeds. The broader transaction and related commitments from investors such as Ripple, Pantera Capital, Kraken, SBI Group, Arrington Capital and GSR exceed $1 billion.
Financing includes about $225 million from related private placements, $30 million in convertible senior payment-in-kind notes due 2031, and around $48 million of trust proceeds. Part of the expected XRP balance includes approximately 126.79 million XRP contributed by Ripple and about 84.37 million XRP acquired for roughly $214 million.
CEO Asheesh Birla reiterated that becoming public would provide investors with a regulated, transparent way to gain XRP exposure and participate in the growth of the blockchain economy. The postponement produced no significant volatility in XRP markets, with the token's move broadly in line with the wider crypto correction.
