The market was anticipating Evernorth’s Nasdaq debut, but a crucial event has been postponed. The company confirmed an administrative delay in an announcement on X and has pushed back its pla
The market was anticipating Evernorth’s Nasdaq debut, but a crucial event has been postponed. The company confirmed an administrative delay in an announcement on X and has pushed back its planned milestones, but the deal remains on track.
The merger between Evernorth and Armada Acquisition Corp. II was originally set to close October 7, with XRPN trading expected to begin October 8. Both dates have shifted. Evernorth now expects the business combination to close on Friday, October 9, with XRPN set to begin trading on Nasdaq on Monday, October 12.
The company attributed the delay to an administrative issue. Evernorth stated the delay is not expected to affect the closing. Armada II shareholders have already approved the merger, removing the largest procedural hurdle. The remaining conditions are customary closing requirements and Nasdaq listing confirmation.
According to the official blog post, the transaction is expected to raise approximately $300 million in gross cash proceeds. Investors have contributed XRP in kind and in cash. Evernorth holds approximately 473 million XRP. Investors supporting the transaction include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR.
Evernorth is not a passive holding fund. The company plans to actively manage its XRP treasury through lending, liquidity provision, and on-chain ecosystem participation. Its stated goal is to grow XRP per share over time. The structure gives institutional investors, pension funds, and brokerage accounts a regulated equity vehicle for XRP exposure without requiring direct token ownership.
Evernorth will become the “largest publicly traded pure-play XRP treasury company.” Founder and CEO Asheesh Birla said, “Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy.”
We are on X, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) June 15, 2025
XRPN did not react favorably. After an almost 300% rally in a short period, it fell sharply. It now trades at $19.40, down from a peak of $53 on October 1. XRP has also fallen slightly, down 2.30% from yesterday.
October 9 is now the target closing date. October 12 is when XRPN is expected to begin trading on Nasdaq. Once live, Evernorth will operate as a publicly traded company subject to SEC reporting, governance standards, and Nasdaq disclosure requirements.
The listing puts an XRP treasury strategy inside the traditional U.S. equity market for the first time at this scale. The market is eager to see how XRP reacts once trading begins.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on X, Facebook, Telegram, and Google News
The post Crucial XRP Event Slated for Oct. 8 Postponed. Here’s New Date and Why appeared first on Times Tabloid.
