- Evernorth delayed its Nasdaq debut to October 12 after an administrative issue.
- The company still expects to close its merger on October 9.
Evernorth has delayed its planned Nasdaq debut after an administrative issue affected the company’s merger schedule. The XRP-focused treasury company now expects the transaction to close on October 9, with trading under the XRPN ticker set to begin on October 12.
The new timeline replaces Evernorth’s previous plan to complete the merger on October 7 and start Nasdaq trading on October 8. The company said the administrative issue should not affect the closing, although the transaction remains subject to customary closing conditions and Nasdaq listing requirements.
Evernorth Sets New XRP Treasury Timeline
Evernorth announced the revised schedule on October 6. The company now expects the merger to close on Friday, October 9, while XRPN shares are expected to begin trading on Nasdaq on Monday, October 12.
Evernorth also disclosed the updated dates in a Form 8-K filed with the U.S. Securities and Exchange Commission. The filing lists the dates as occurring “on or about,” leaving some flexibility around the schedule.
Once the transaction closes, the combined business will operate as Evernorth Holdings Inc. Its shares are expected to trade under the XRPN ticker, which Armada Acquisition Corp. II currently uses.
Shareholders Already Approved the Merger
The revised schedule comes after Armada II shareholders approved the proposed merger at a September 30 meeting. That vote cleared a key step toward taking Evernorth’s XRP treasury strategy to the public market.
The SEC had already declared the transaction’s registration statement effective on August 27. However, the filing noted that the decision did not represent SEC approval of the transaction’s merits or fairness.
Evernorth’s strategy centers on XRP and has backing from major industry investors, including Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR.
Evernorth Expects to Hold 473 Million XRP
Evernorth expects the transaction to provide approximately 473 million XRP at closing, along with roughly $300 million in gross cash proceeds before expenses.
The funding includes about $225 million from private placements and $30 million through convertible note financing. Armada II also holds approximately $48 million in its trust.
Evernorth plans to use its XRP treasury for more than simply holding the asset. The company intends to lend and supply XRP to blockchain-based markets as part of a broader strategy aimed at increasing XRP per share.
As a result of the revised schedule, investors will have to wait a few more days for Evernorth’s planned public-market debut. For now, the company expects the administrative delay to have no impact on its ability to complete the merger.
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