[REVISION HISTORY]

Evernorth Nasdaq debut delayed amid XRPN stock plunge

Updated 11 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-08 05:12 UTC → 2026-10-10 15:05 UTC · added ~~removed~~

Following shareholder approval of the business combination with Armada Acquisition Corp. II on September 30, 2026, Evernorth Holdings is preparing to debut on the Nasdaq. The combined entity, intended to operate as a dedicated XRP treasury company, was expected to trade under the ticker XRPN starting October 8. In the lead-up to the merger, Armada Acquisition Corp. II shares experienced extreme volatility, surging approximately 273% in a single week to reach a closing price of $39.42. The stock briefly reached $53 on October 2. However, the Nasdaq debut ~~has been~~ was delayed due to administrative issues. ~~The listing, originally scheduled for early October, is now expected~~ During this period, Armada Acquisition Corp. II shares plummeted over 50% in a single day to ~~occur around October 12.~~ close at $19.20. Despite ~~the delay,~~ this volatility, Evernorth stated it ~~does~~ did not expect the ~~setback~~ delay to impact the completion of the merger. ~~This delay follows a significant market correction for the SPAC, as shares plummeted over 50% in a single day to close at $19.20. While the SPAC experienced this sharp decline, the spot price~~ As of ~~XRP showed minimal reaction, experiencing only a minor dip consistent~~ October 10, Evernorth has completed its merger with ~~broader market trends.~~ Armada Acquisition Corp. II. The ~~merger~~ company is ~~projected~~ scheduled to ~~generate~~ debut on the Nasdaq on Monday, October 12, under the ticker symbol XRPN. The merger generated approximately $300 million in gross cash ~~proceeds. Upon closing, Evernorth aims to hold~~ proceeds and includes approximately 473 million ~~XRP—a position valued at roughly $714 million based on recent market prices. The firm plans~~ XRP. CEO Asheesh Birla, a former Ripple executive, stated that the company aims to ~~utilize active management strategies on~~ contribute to the XRP ~~Ledger, such as yield strategies,~~ Ledger ecosystem by allocating capital and providing liquidity support. While the merger provides investors with indirect access to ~~increase~~ an XRP-focused treasury, the XRP ~~per share.~~ token has faced recent market pressure, trading between $1.40 and $1.41 as of October 10.

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