Evernorth, a company that holds and manages XRP as a digital asset treasury, has revised its timeline for going public after an administrative delay. The merger is now expected to close on Friday, October 9, with Nasdaq trading targeted to begin on Monday, October 12, subject to customary closing conditions and Nasdaq listing requirements.
The revised schedule replaces the original targets of October 7 for the merger close and October 8 for trading. Evernorth disclosed the new dates in an October 6 announcement on X and in a Form 8-K filing with the U.S. Securities and Exchange Commission.
The company's path to public markets involves a merger with Armada Acquisition Corp. II, a special purpose acquisition company. Armada II shareholders approved the proposed merger at a September 30 meeting. The SEC had previously declared the transaction's registration statement effective on August 27.
At completion, the combined business will operate as Evernorth Holdings Inc., with shares trading under the ticker XRPN. The company projects approximately 473 million XRP at closing and about $300 million in gross cash proceeds before expenses. The cash comprises $225 million from private placements, $30 million in convertible note financing, and approximately $48 million from Armada II's trust.
Evernorth's backers include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR. The company's planned activities extend beyond holding XRP to putting a portion of the assets to work through lending and supplying assets that facilitate transactions in blockchain-based markets.
