- On or around October 9, Evernorth anticipates the completion of its Armada II merger.
- It is now expected that XRPN shares will start trading on the Nasdaq on October 12.
- The XRP-focused business claimed that the updated timeline was the result of an administrative delay.
- After the merger is finalized, Evernorth anticipates holding about 473 million XRP.
Ripple-backed XRP treasury company Evernorth has delayed its planned Nasdaq debut, with its XRPN shares now expected to begin trading on October 12.
The expected conclusion of its business combination with Armada Acquisition Corp. II was postponed to October 9 due to an administrative delay, according to the company. The updated timeline is still subject to Nasdaq listing requirements and standard closing conditions.
Evernorth Confirms Delayed XRPN Listing After Merger Update
Evernorth expects the merger with Armada II to close on or around October 9, according to an October 6 SEC filing. Once the deal closes, the company plans to list its Class A stock on Nasdaq under the XRPN ticker on October 12. Evernorth had initially planned to complete the merger on October 7 and begin trading on October 8.
Due to an administrative delay that is not expected to affect the closing, we now expect to close on Friday, October 9th, with XRPN expected to start trading on Nasdaq on Monday, October 12th, in each case subject to customary closing conditions and Nasdaq listing requirements. Remember, Armada II shareholders already approved the merger.
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This content is for informational purposes only and does not constitute investment advice. This content may contain forward-looking statements that involve risks and uncertainties; actual results may differ materially. Digital assets involve risk, including potential loss of principal. Learn more about Evernorth: https://t.co/OIkJdRArEr.
— evernorthxrp (@evernorthxrp) October 6, 2026
Armada II shareholders approved the transaction on September 30, clearing a key requirement for the planned combination. Evernorth later confirmed the schedule on its verified X account. The company said the delay was administrative and did not impact the transaction.
XRP Treasury Anchors Evernorth Strategy
Once the merger closes, Evernorth will operate as a traded company focused on building an XRP treasury.
The company expects to hold 473 million XRP at closing. Its backers include Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital.
Evernorth says the transaction and related private placements have raised more than $1 billion. Evernorth expects around $300 million in cash proceeds, including money from placements, convertible financing and trust‑related funding.
Its strategy focuses on yield opportunities, participation in the ecosystem and capital-market activities. These efforts are all aimed at increasing the value of XRP per share.
Evernorth’s XRP Holdings Put XRPN Shares In Focus
The transaction includes $30 million in incremental convertible note financing, adding to the capital supporting Evernorth’s transition into a public company.
With a large XRP treasury, Evernorth’s asset value will be closely tied to XRP’s market price. However, the value of XRPN shares could differ from the value of the company’s XRP holdings based on market demand, financing and other factors.
XRP Market Weakness Adds Pressure
The revised listing schedule comes as the broader crypto market faces renewed selling pressure.
XRP traded near $1.44 on October 7, down around 4.5% during the day. The decline occurred alongside weakness across major cryptocurrencies and was not necessarily linked to Evernorth’s delayed listing.
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