The Nasdaq debut of XRP treasury firm Evernorth under the ticker XRPN has been pushed back by four days due to an administrative delay. CEO Asheesh Birla confirmed the timeline change in a Form 8-K filing on October 6.
The company now expects its merger with Armada Acquisition Corp. II to close on or about October 9, with Class A shares anticipated to begin trading on Nasdaq on or about October 12. The original schedule aimed for an October 7 close and an October 8 trading start.
According to the filing, the adjustment is strictly an administrative delay and is not expected to affect the outcome or alter the deal structure. Armada II shareholders previously approved the merger on September 30, with approximately 94% of votes cast in favor of the business combination. The S-4 registration statement was declared effective on August 27.
Upon closing, Evernorth anticipates holding approximately 473 million XRP, establishing it as the largest publicly traded pure-play XRP treasury company. Ripple is expected to contribute about 126.8 million XRP toward that total. The treasury strategy aims to grow XRP per share through lending, liquidity, and decentralized finance (DeFi) yield.
The business combination is projected to generate approximately $300 million in gross cash before expenses. This total comprises about $225 million from private placements, $30 million in convertible notes, and approximately $48 million from Armada II’s trust account. Backers supporting the process include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
Both the closing and the Nasdaq listing remain subject to customary closing conditions and Nasdaq listing requirements. Institutional participation in the offering includes a documented position by Goldman Sachs.
