Evernorth Holdings, a Ripple-backed firm, postponed its Nasdaq debut due to an administrative issue. The company originally planned to list on October 8, but the new target date is set for October 12. The listing will proceed through a merger with Armada Acquisition Corp. II under the ticker XRPN.
Shareholders of Armada II approved the merger on September 30. Upon completion, Evernorth expects to hold approximately 473 million XRP and $300 million in gross cash proceeds. This structure aims to establish the company as the largest publicly traded pure-play XRP treasury.
The company stated that the delay is purely administrative and will not impact the final closing, which is now expected on October 9. Market analysts noted that the listing does not generate new buying pressure for the token, as the treasury assets were contributed by partners before the public debut.
XRP price saw a decline of nearly 2% following the news, though this was primarily attributed to a broader market liquidity flush. Despite the short-term delay, the launch of the XRPN vehicle is intended to provide traditional investors with regulated access to XRP holdings through active treasury management.
