Evernorth Holdings has pushed its Nasdaq trading debut under the ticker XRPN back four days to Monday, October 12, after an administrative delay hit the closing of its merger with Armada Acquisition Corp. II. The company says the issue will not affect the deal itself, which is now expected to close Friday, October 9. At stake is the launch of what Evernorth calls the largest publicly traded pure play XRP treasury company, backed by roughly 473 million XRP and more than $1 billion in investor commitments.
Trading in Evernorth's shares, originally set to begin Thursday, October 8, now starts the following Monday instead. The official notice went up on the company's site overnight on October 7, and an Oct. 6 SEC filing confirmed the revised timetable.
Closing pushed back, not derailed
Evernorth attributed the change to an administrative issue rather than any problem with the transaction. According to the company: "Due to an administrative delay that is not expected to affect the closing", the business combination is now set to close October 9, with XRPN trading starting October 12. Armada Acquisition Corp. II shareholders had already cleared the key legal hurdle, unanimously approving the merger at a September 30 meeting.
Largest XRP treasury takes shape
Once closed, Evernorth expects to hold approximately 473 million XRP, a balance the company says would make it the largest publicly traded pure play XRP treasury firm. The deal is also set to bring Evernorth approximately $300 million in gross cash proceeds, made up of $225 million from private placements, $30 million from incremental convertible note financing and roughly $48 million of trust proceeds. Including commitments from Ripple, Pantera Capital and Kraken, the deal's total financing exceeds $1 billion.
Price reaction stays muted
The four-day shift has not stirred volatility in XRP itself. XRP's morning decline of less than 2% was in line with a broader correction across the crypto sector this week, not a reaction to the listing delay. Because Evernorth's treasury was assembled well before the schedule change, the postponement carries no technical impact on XRP's spot liquidity. Institutional demand for the new Nasdaq-listed instrument becomes clear once trading opens on October 12.
Sources: U.Today, crypto.news
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