Evernorth Pushes XRPN Nasdaq Debut to October 12 After Administrative Delay

Published October 8, 2026, 12:30 UTC. Based on Evernorth Holdings' Form 8-K dated October 6, 2026, with background from the companies' October 1 announcement and reporting by The Block, The Coinomist and CryptoTimes.

Evernorth Holdings' Nasdaq debut is slipping by a few days. The XRP treasury company disclosed in a Form 8-K dated October 6, 2026 that its merger with Armada Acquisition Corp. II is now expected to close on or about October 9, with its Class A common stock beginning trading on Nasdaq under the ticker XRPN on or about October 12, following an administrative delay.

CEO Asheesh Birla signed the filing, which says the delay is "not expected to affect the closing" and that the new dates remain subject to customary closing conditions. The original plan, announced October 1, had targeted an October 7 close with trading starting October 8.

The delay

The filing offers no further detail on what caused the administrative holdup. The disclosure came from Evernorth itself; Armada II filed no October 6 8-K, and its most recent filing, on October 5, covered only a warrant amendment. Two crypto outlets, toptech.news and yourweb3guy.com, reported the new timetable from the filing, describing the remaining work as procedural steps.

The $300 million cash raise

The combination is expected to raise about $300 million in gross cash proceeds before transaction expenses, the announcement said. That total breaks down into $225 million from related private placements, $30 million of incremental convertible note financing, and roughly $48 million of trust proceeds. The companies said the transaction and its related private placements have together raised more than $1 billion when in-kind XRP contributions are counted.

Armada II shareholders approved the business combination at an extraordinary general meeting on September 30, 2026. A Form 8-K detailing the vote shows 21,877,045 SPAC shares, about 69 percent of those entitled to vote, were represented; the combination proposal passed with 20,514,034 votes in favor against 1,362,081 opposed, CryptoTimes reported.

A 473 million XRP treasury

The balance-sheet story is the headline number. Investors contributed XRP in kind alongside the cash, and at closing Evernorth expects to hold about 473 million XRP, which the companies describe as making it the largest publicly traded pure-play XRP treasury company. At XRP's price near $1.41 on October 8, that stack would be worth about $667 million, a few percent below its value when the deal was announced.

Before the in-kind contributions, Evernorth held roughly 347 million XRP, according to BitcoinTreasuries data cited by The Coinomist. At the roughly $1.48 XRP traded near when the deal was announced on October 1, that position was worth about $512 million.

"Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," Evernorth founder and CEO Asheesh Birla said in the announcement. "We're grateful to our shareholders for their support as we complete this important transaction."

The backers

The investor roster reads like a crypto industry honor roll: Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, among others. The companies said 100 percent of both advanced and delayed funders are participating in the deal.

The transaction was first registered in March 2026 as a roughly $1 billion SPAC arrangement, with Evernorth filing an S-4 registration that became effective in August, The Block reported.

A regulated route to XRP exposure

Evernorth is positioning XRPN as a regulated equity on-ramp to XRP, alongside the spot XRP exchange-traded products that have reached U.S. investors. The pitch: standard Nasdaq-listed stock exposure to the token's price moves, without buying or custodying XRP directly.

The company has also signaled bigger ambitions for the XRP Ledger itself. Around the time the S-4 became effective, Evernorth chief business officer Sagar Shah outlined a proposal to add native lending functionality to the XRP Ledger while reducing the risks tied to smart contracts, according to The Block.

This article is news reporting and is not investment advice.

Sources

• U.S. Securities and Exchange Commission, Evernorth Holdings Inc., Form 8-K (Item 7.01) (October 6, 2026), primary source
• Evernorth Holdings / Armada Acquisition Corp. II, Shareholders Approve Evernorth Business Combination; Nasdaq Trading Under "XRPN" Expected to Begin on October 8 (October 1, 2026), primary source, dates superseded by the October 6 8-K
• The Block, Evernorth shareholders approve $1 billion XRP treasury deal, clearing path to Nasdaq debut (October 1, 2026), secondary source
• The Coinomist, Evernorth to List on Nasdaq as XRPN After SPAC Vote, $300M Raise (October 1, 2026), secondary source
• CryptoTimes, Evernorth-Armada II Merger Approved, XRP Treasury to Grow (October 1, 2026), secondary source