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XRP Evernorth revised the terms of its Nasdaq listing to more accurately reflect the market value of XRP treasury
Evernorth revised the terms of its Nasdaq listing plan to ensure its capital structure more accurately reflects the current market value of its XRP treasury. This move has the support of the vast majority of investors.
Changes and reasons
This amendment replaces the fixed price anchor of US$2.36 used when signing the agreement with the volume-weighted average price (VWAP) at the time of transaction completion. The adjustment is intended to reset trading conditions to reflect the change in the XRP price from US$2.36 at signing to final delivery. This is expected to reduce the total share capital, allowing each common share to represent a larger share of treasury assets.
All prepayments (accounting for more than 95% of committed capital) have agreed to the revised terms, which reflects continued support for Evernorth's strategy and its public offering plan. The promoters of Armada II also agreed to adjust their founder shares in the same proportion as the prepayment parties, further strengthening the alignment of interests among various stakeholders.
Management and Evernorth's founding investors believe that this revision will allow the capital structure to more accurately reflect the value of the company's XRP assets at delivery.
Evernorth's investors include Ripple, Arrington Cap, SBI Group, Pantera Capital, Kraken and GSR.
The listing plan for the third to fourth quarters of 2026 is progressing steadily
The revision is not expected to change Evernorth's core strategy. The company plans to list on Nasdaq under the ticker symbol XRPN through a merger with Armada Acquisition Corp II, with the goal of completing the listing in the third to fourth quarters of 2026.
This transaction makes Evernorth one of the first large listed companies to hold and use XRP as a core asset on its balance sheet.
Evernorth holds 473 million XRPs worth approximately $656 million, and has raised more than $1 billion in total proceeds from backers such as Ripple, SBI and Pantera Capital, according to filings with the U.S. Securities and Exchange Commission.
By reducing the total share capital through price adjustments, the company expects that the implied equity in XRP per ordinary share will be higher at the time of listing.
A listing on NASDAQ under the XRPN code could mark an important milestone and would provide open market investors with a new way to gain XRP structured exposure through equity rather than direct holding of tokens.
