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Evernorth’s planned Nasdaq debut under the ticker XRPN has been delayed by four days, with the XRP treasury company now expecting its merger with Armada Acquisition Corp. II to close on or about October 9.
Class A shares are expected to begin Nasdaq trading under the XRPN ticker on or about October 12. CEO Asheesh Birla confirmed the revised timeline in a Form 8-K filing signed October 6, describing the change as an administrative delay that is not expected to affect the transaction’s outcome.
The previous schedule called for the merger to close October 7, followed by XRPN trading on October 8. The delay does not reopen the shareholder vote or change the terms of the deal.
Armada II shareholders approved the Evernorth merger on September 30, with approximately 94% of votes cast supporting the business combination. The S-4 registration statement had already become effective on August 27.
Both the revised October 9 closing and October 12 Nasdaq debut remain subject to customary closing conditions and Nasdaq listing requirements, meaning further changes are still possible.
Evernorth expects to hold approximately 473 million XRP after the transaction closes, potentially making it the largest publicly traded pure-play XRP treasury company. Ripple is expected to contribute about 126.8 million XRP.
The company plans to grow XRP per share through strategies including lending, liquidity provision and decentralized finance yield opportunities.
The transaction is also expected to generate approximately $300 million in gross cash before expenses, including roughly $225 million from private placements, $30 million from convertible notes and $48 million from Armada II’s trust account. Backers include Ripple, SBI Group, Pantera Capital, Arrington Capital, Kraken and GSR.
XRPN will enter a market where investors already have access to spot XRP ETFs, which have attracted roughly $1.7 billion to $1.79 billion in cumulative net inflows.
For investors, the key question is whether Evernorth’s active XRP treasury strategy can command a premium over its underlying 473 million XRP holdings despite the availability of simpler spot ETF exposure. The four-day administrative delay does not change that investment thesis.
