<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Evernorth now expects its merger with Armada Acquisition Corp. II to close on Friday, Oct. 9, and its shares to begin trading on Nasdaq as XRPN on Monday, Oct. 12, citing an administrative delay.</li>
 <li>The company had previously targeted an Oct. 7 closing and an Oct. 8 trading start.</li>
 <li>Armada II shares, which already trade under XRPN, fell 50% on Tuesday and were up about 38% in Wednesday afternoon trading, according to StockAnalysis data.</li>
</ul>
Evernorth, a company building a treasury of XRP (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/xrp/">XRP</a>), has pushed back its Nasdaq debut by four days, saying on Tuesday that an administrative delay moved its expected first trading day to Monday, Oct. 12.
The delay extends a volatile run for the blank-check company Evernorth is merging with, whose shares more than tripled in a week before falling by half on Tuesday.
Evernorth now expects its merger with Armada Acquisition Corp. II to close on or about Friday, Oct. 9, with trading under the ticker XRPN to begin on or about Oct. 12, according to a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.sec.gov/Archives/edgar/data/0002092592/000119312526415577/d184020d8k.htm">filing</a> with the US Securities and Exchange Commission dated Tuesday. Both dates remain subject to customary closing conditions and Nasdaq listing requirements.
Evernorth had <a target="_blank" rel="noopener noreferrer nofollow" href="https://evernorth.xyz/press-release-10-01-2026">said on Oct. 1</a> that it expected to close on Oct. 7 and begin trading on Oct. 8.
"Due to an administrative delay that is not expected to affect the closing, we now expect to close on Friday, October 9th," the company <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/evernorthxrp/status/2107582528446222392">wrote</a> on X. "Remember, Armada II shareholders already approved the merger."<tweet-embed url="https://x.com/evernorthxrp/status/2107582528446222392"></tweet-embed>
<h2 id="header-1">Evernorth SPAC Shares Fall 50%, Then Rebound</h2>
The new timeline arrives after a sharp reversal in the shares of Armada II, which already trade on Nasdaq under XRPN. The stock fell 50.3% on Tuesday to close at $19.20, according to <a target="_blank" rel="noopener noreferrer nofollow" href="https://stockanalysis.com/stocks/xrpn/history/">StockAnalysis</a> data, and Evernorth announced the delay on X after the market closed.
The shares traded around $26.50 on Wednesday afternoon, up about 38% on the day.
Before Tuesday's drop, the stock had <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/evernorth-xrp-treasury-spac-xrpn-jumps-273-percent">more than tripled in the week to Oct. 2</a>, closing that Friday at $39.42.
<h2 id="header-2">Evernorth Plans 473M XRP Treasury at Closing</h2>
Once the deal closes, Evernorth expects to hold about 473 million XRP in its <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/corporate-treasury">corporate treasury</a>, which it said would make it the largest publicly traded pure-play XRP treasury company, according to the Oct. 1 release.
It also expects about $300 million in gross cash proceeds before transaction expenses, including $225 million from private placements. Investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, and the company said the transaction and related private placements have <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/xrp-treasury-firm-evernorth-raises-dollar1b-set-for-nasdaq-debut">raised over $1 billion ahead of its Nasdaq debut</a>.
Armada II shareholders approved the <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/spac">SPAC</a> merger on Sept. 30. XRP traded at about $1.42 at the time of writing, down about 6% over 24 hours, according to CoinMarketCap data, which would value 473 million XRP at about $672 million.
Read More:&nbsp;<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/altcoin-season-fading-alts-trail-bitcoin">Is Altcoin Season Fading? Why Most Alts Now Trail Bitcoin</a>

Evernorth Delays XRPN Nasdaq Debut to Oct. 12 as Shares Swing

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