Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
XRP Core Points
Evernorth delayed its Nasdaq listing plan for four days and expects shares to start trading around October 12. The company's merger with Armada Acquisition Corp. II is expected to be completed around October 9. The company said this was an administrative delay and would not change the terms of the transaction or the September 30 shareholder vote.
Evernorth expects to hold approximately 473 million XRPs at the time of transaction completion, including approximately 126.8 million XRPs from Ripple. The deal is expected to raise approximately $300 million in cash before deducting fees. Evernorth is a company that aims to hold XRP, and the delay reflects that it is still advancing the process.
Trading terms remain unchanged
The original plan was to complete the merger on October 7 and start trading on October 8, but this timetable has been updated. CEO Asheesh Birla signed Form 8-K on October 6, confirming the new date. The company said the change was only an administrative delay and was not expected to affect the final result.
The delay did not reopen shareholder voting and did not change the transaction structure. This is clearly pointed out in filings. Armada II shareholders approved the merger on September 30, with approximately 94% of the votes cast supporting the deal. The S-4 registration statement was announced to take effect on August 27.
Evernorth is expected to hold approximately 473 million XRPs when the transaction closes, making it the first listed company to focus on holding XRPs. Among them, Ripple is expected to contribute approximately 126.8 million XRPs. The company plans to increase the value of each share of XRP through borrowing, liquidity and decentralized finance (DeFi) earnings.
The transaction is expected to generate approximately US$300 million in total cash income before fees are deducted. That includes approximately $225 million from private placement and $30 million from convertible bonds. In addition, approximately $48 million is expected to come from Armada II's trusted account.
The endorsers for this transaction include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
Investor Focus
Investors can now obtain XRP exposure through spot XRP exchange-traded funds (ETFs). These funds have attracted net inflows of approximately $1.7 billion to $1.79 billion. Despite these inflows, the price of XRP remained near $1.50. After the September 30 vote, token prices fluctuated as traders prepared for an early October listing.
Goldman Sachs reportedly held a position related to the company. Filing documents related to the Armada II structure have also attracted Wall Street's attention.
Risks remain. Holders of convertible bonds may issue more shares in the future, diluting the interests of existing shareholders. The word "expected or approximately" used in the document means that the new date may change again. The completion date of October 9 and the trading day of October 12 are subject to standard delivery conditions and Nasdaq listing approval requirements.
