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Following
XRP Administrative delays delay Evernorth's initial public offering plan
Ripple-backed XRP asset management company Evernorth has postponed its original public market listing plan due to administrative process delays. Currently, the company is expected to complete its merger transaction with Armada Acquisition Corp. II on October 9, and its shares will begin trading on Nasdaq on October 12 under the ticker symbol $XRPNon. The above dates still need to meet regular delivery conditions and Nasdaq requirements.
This revised timetable replaces the previously set plan to complete delivery on October 7 and start trading on October 8. Shareholders of Armada II have approved the business merger with Evernorth at the extraordinary shareholders meeting on September 30, 2026, and the market generally expects the transaction to proceed as originally planned.
What Evernorth brings to Nasdaq
The stakes (degree of interest/importance) of this listing are very significant. After the transaction closes, Evernorth is expected to hold approximately 473 million XRPs, making it the largest publicly listed company with pure XRP asset management. It is estimated that the transaction will generate total cash proceeds of approximately $300 million before fees, including $225 million from private placement,$30 million from convertible note financing and approximately $48 million in the Armada II trust account.
Evernorth was incorporated in Nevada in August 2025 as a wholly-owned subsidiary of Ripple Labs to invest in XRP through the open equity market. The company launched in October 2025 after signing a merger agreement with Armada II, positioned itself as an alternative to passive ETFs, aiming to increase the value of XRP per share through borrowing, market liquidity and DeFi earnings.
Evernorth's investors include well-known institutions such as Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. The company is led by founder and CEO Asheesh Birla, who previously held executive positions at Ripple.
This short extension is not expected to affect the overall transaction structure. Once the merger is completed and transactions begin, Evernorth will become one of the most high-profile XRP-related investment vehicles available to public market investors.
