TLDR
- Evernorth pushed its Nasdaq debut back four days, with shares now expected to start trading on or about October 12.
- The merger with Armada Acquisition Corp. II is now expected to close on or about October 9.
- The company called it an administrative delay that does not change the deal or the September 30 shareholder vote.
- Evernorth expects to hold about 473 million XRP at closing, including roughly 126.8 million XRP from Ripple.
- The deal is expected to raise about $300 million in gross cash before expenses.
Evernorth, a company built to hold XRP, has pushed back its Nasdaq debut by four days. The firm now expects its merger with Armada Acquisition Corp. II to close on or about October 9.
Class A shares are expected to start trading on Nasdaq on or about October 12. The stock will trade under the symbol XRPN.
CEO Asheesh Birla signed a Form 8-K filing on October 6 confirming the new dates. The company described the change as an administrative delay that is not expected to affect the outcome.
Deal Terms Stay the Same
The original plan called for the merger to close on October 7, with trading to begin on October 8. That schedule has now been replaced.
The delay does not reopen the shareholder vote or change the deal structure. The filing states this directly.
Armada II shareholders approved the merger on September 30. About 94% of the votes cast backed the deal. The S-4 registration was declared effective on August 27.
At closing, Evernorth expects to hold about 473 million XRP. That would make it the largest publicly traded company focused only on holding XRP.
Ripple is expected to contribute about 126.8 million XRP of that total. The company plans to grow its XRP per share through lending, liquidity, and decentralized finance yield.
The deal is expected to bring in about $300 million in gross cash before expenses. This includes about $225 million from private placements and $30 million in convertible notes.
Another $48 million or so is expected to come from Armada II’s trust account.
Backers of the deal include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
What Investors Are Watching
Investors can already get XRP exposure through spot XRP exchange-traded funds. These funds have drawn about $1.7 billion to $1.79 billion in total net inflows.
Even with those inflows, XRP has stayed near $1.50. The token moved after the September 30 vote, as traders prepared for an early October listing.
Goldman Sachs holds a position tied to the company, according to the report. Filings linked to the Armada II structure have also drawn attention on Wall Street.
There are still risks. Holders of the convertible notes could add more shares later, which may dilute existing owners.
The filing uses the phrase “on or about,” which means the new dates could move again. Both the October 9 closing and the October 12 trading start remain subject to standard closing conditions and Nasdaq listing approval.
