Market watchers were eagerly awaiting the Nasdaq debut of Evernorth, but a pivotal milestone has been pushed back. The firm announced on X that an administrative hiccup forced a rescheduling of its upcoming timeline, though the transaction itself is still proceeding as planned.
The business combination between Evernorth and Armada Acquisition Corp. II was initially scheduled to finalize on October 7, with XRPN shares slated to start trading on October 8. Both target dates have now been updated. Evernorth anticipates the merger will close on Friday, October 9, while XRPN trading on Nasdaq is scheduled to commence on Monday, October 12.
What Changed?
Evernorth pointed to an administrative delay as the cause for the shift, emphasizing that the setback will not impact the final closing. Shareholders of Armada II have already greenlit the merger, clearing the most significant procedural obstacle. The remaining prerequisites consist of standard closing obligations and final confirmation from Nasdaq.
Based on the official blog post, the deal is projected to generate roughly $300 million in gross cash proceeds. Backers have provided XRP both as in-kind contributions and in cash. Evernorth currently possesses about 473 million XRP. The investor lineup backing the initiative features Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR.
What Evernorth Is Building
Rather than functioning merely as a passive holding fund, Evernorth intends to actively manage its XRP treasury via lending, liquidity supply, and engagement within the on-chain ecosystem. Its declared objective is to increase XRP per share over time. This framework provides institutional players, pension funds, and traditional brokerage accounts with a regulated equity option for gaining XRP exposure sans direct token custody.
Upon completion, Evernorth will stand as the “largest publicly traded pure-play XRP treasury company.” Founder and Chief Executive Officer Asheesh Birla remarked, “Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy.”
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The Market Reaction
The market response for XRPN was negative. Following a rapid surge of nearly 300%, the asset suffered a steep decline, currently changing hands at $19.40 after reaching a high of $53 on October 1. Meanwhile, XRP experienced a minor dip, sliding 2.30% over the past 24 hours.
What Comes Next?
The new target for the merger’s completion is October 9, followed by the debut of XRPN trading on Nasdaq on October 12. Once operational, Evernorth will function as a public entity bound by SEC reporting rules, corporate governance standards, and Nasdaq disclosure obligations.
This listing introduces an XRP treasury model into the mainstream U.S. stock market at an unprecedented scale. Observers are closely watching to gauge how XRP will perform once public trading gets underway.