Evernorth Holdings has pushed its expected Nasdaq debut back four days to Oct. 12, citing an administrative delay, as it prepares to list with about 473 million XRP (XRP).
Key Points:
- Evernorth now expects its merger with Armada Acquisition Corp. II to close on or about Oct. 9, with XRPN trading on or about Oct. 12.
- The company blamed an administrative delay and said it does not expect the issue to affect the closing.
- XRP traded near $1.47 on Wednesday, well below the $2.54 average Evernorth paid for part of its holdings.
Evernorth Nasdaq Delay
The XRP treasury company disclosed the change in an Oct. 6 filing with the U.S. Securities and Exchange Commission, signed by founder and CEO Asheesh Birla.
It now expects its merger with blank-check firm Armada Acquisition Corp. II to close on or about Oct. 9, with XRPN shares trading on or about Oct. 12. The earlier plan, announced Oct. 1, called for an Oct. 7 closing and an Oct. 8 debut.
The filing describes the holdup only as "an administrative delay that is not expected to affect the closing," wording the company repeated in a social media post. It gave no further explanation of what caused the delay.
Armada II shareholders approved the merger Sept. 30, with about 20.5 million shares in favor and roughly 1.4 million against. Evernorth said a day later that it expects to hold about 473 million XRP at closing, which it says would make it the largest publicly traded company devoted solely to the token. The deal should also bring in roughly $300 million in gross cash before expenses, with backers including Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital.
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XRP Price Pressure
The delay comes as XRP trades well below what Evernorth paid for part of its holdings. The token fell about 2.6% in 24 hours to roughly $1.47 on Wednesday, as a broad crypto sell-off triggered liquidations of leveraged positions.
Crypto analyst Sam Daodu estimated Oct. 1 that 84.4 million XRP, bought in November 2025 at an average of $2.54, carried a paper loss of about $88 million. That was with XRP at $1.49.
Daodu also noted that Evernorth has not committed to buying more tokens after listing and must compete with spot XRP exchange-traded funds, which carry no corporate debt.
Both new dates remain expectations rather than commitments, and Evernorth said they depend on customary closing conditions and Nasdaq listing requirements. A planned $30 million sale of 4% convertible notes due in 2031 also hinges on the merger closing.
The schedule has slipped before. When Evernorth launched in October 2025 with the Armada II agreement already signed, it expected the deal to close in the first quarter of 2026. The company instead filed its registration statement in March, the SEC declared it effective Aug. 27, and shareholders voted about five weeks later.
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