Evernorth Sets New XRP Treasury Timeline After Administrative Delay

Administrative Delay Moves Evernorth’s Nasdaq Target

Investors awaiting Evernorth’s planned public debut face a revised schedule, Evernorth shared in an Oct. 6 update on X. The business, which holds and manages cryptocurrency as a digital asset treasury, outlined its revised merger and Nasdaq trading timetable.

The company stated:

“Due to an administrative delay that is not expected to affect the closing, we now expect to close on Friday, October 9th, with XRPN expected to start trading on Nasdaq on Monday, October 12th, in each case subject to customary closing conditions and Nasdaq listing requirements.”

Evernorth also disclosed the revised schedule in a Form 8-K, a current report submitted to the U.S. Securities and Exchange Commission (SEC), dated Oct. 6. The filing describes both dates as “on or about,” preserving flexibility in the timetable. Chief Executive Officer Asheesh Birla signed the document.

The revised dates replace the Oct. 7 closing and Oct. 8 trading targets outlined in the original merger and trading schedule released Oct. 1. Following completion, the combined business will operate as Evernorth Holdings Inc. The combined company’s shares would trade under XRPN, a symbol already used by Nasdaq-listed Armada Acquisition Corp. II.

Shareholders Approved the Deal Before the Schedule Shift

The postponement follows a shareholder decision that cleared a major step toward taking the XRP treasury business public. Armada II shareholders approved the proposed merger at their Sept. 30 meeting, as announced Oct. 1. Armada II is a special purpose acquisition company, formed to bring another business to public markets through a combination.

Before that vote, the SEC declared the transaction’s registration statement effective on Aug. 27. That milestone allowed the companies to proceed toward shareholder consideration. The filing expressly distinguishes effectiveness from SEC approval of the deal’s merits or fairness, a separate issue from the authorization granted by shareholders.

The arrangements underlying that vote combine investor cash with cryptocurrency contributed directly in exchange for ownership interests. Evernorth’s XRP-focused corporate structure was detailed in its March registration filing. Backers include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR, according to the Oct. 1 announcement.

473 Million XRP and Cash Financing Await Completion

The treasury model would give shareholders exposure through a company holding and managing digital assets recorded on blockchain networks. Investors would own equity in Evernorth, with the business responsible for managing its cryptocurrency holdings. Its planned activities extend beyond accumulating tokens to putting a portion of those assets to work.

That approach centers on plans to grow XRP per share through lending and supplying assets that facilitate transactions in blockchain-based markets. The Oct. 1 announcement also confirmed participation by all funders contributing early or at closing. Those commitments accompany the projected token balance and cash proceeds rather than establishing that the transaction has finished.

The same announcement projected approximately 473 million XRP at closing and about $300 million in gross cash proceeds before expenses. Rounded components comprise $225 million from private placements, $30 million in convertible note financing, and about $48 million from Armada II’s trust. Private placements are securities sales to selected investors, while convertible notes are debt exchangeable for shares. The trust holds funds raised through Armada II’s public offering.

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