Evernorth Hits Snooze: XRP Treasury's Nasdaq Alarm Clock Now Set for Oct. 12 ⏰

Evernorth has rescheduled the Nasdaq debut of its XRP-focused treasury vehicle by four days, with the Class A shares trading start now set for or about October 13, 2025, registered as XRPN, the way the firm put it in a Form 8-K signed by CEO Asheesh Birla on October 6, 2025. The merger with Armada Acquisition Corp. II is now expected to close on or about October 9, with the deal structure and the September 30 shareholder vote left exactly where they were, with the administrative delay, in Evernorth's phrasing, not expected to affect the outcome.

The original plan had called for a closing on or about October 7 and trading to begin on or about October 8, a schedule that was filed before the four-day reset. XRP moved after the September 30 vote, which was already being priced in by traders positioning for an early-October listing.

At closing, Evernorth will hold approximately 473 million XRP, which would make it the largest publicly traded pure-play XRP treasury firm. The four-day reset does not alter the terms of the September 30 vote or the merger deal.