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Following
XRP Evernorth Holdings Nasdaq listing postponed to October 12
Evernorth Holdings, which holds approximately 473 million XRPs (XRP), announced that its Nasdaq initial public offering (IPO) date has been postponed to October 12 due to administrative delays that have slowed the merger closure process.
Core Points
- Evernorth now expects its merger with Armada Acquisition Corp. II to be completed on or around October 9.
- Shares are expected to start trading under the symbol "XRPN" on or around October 12.
- The company described the delay as administrative in nature and noted that it should not affect the final closure of the transaction.
Specific timetable and background
The San Francisco-based company filed a new timetable with the Securities and Exchange Commission (SEC) on October 6, signed by CEO Asheesh Birla. In the business combination with Special Purpose Acquisition Corporation (SPAC) Armada Acquisition Corp. II, the transaction is expected to complete on or around October 9 after regular closure conditions are met, the filing states. Class A shares are expected to begin trading under the code "XRPN" on or around October 12.
Previously, Evernorth planned to complete the merger on October 7 and go public the next day. Armada II shareholders approved the merger on September 30. The company said the new schedule was attributed to "administrative delays that are not expected to affect the closure" and did not report any changes to transaction terms.
XRP Treasury Size and Investor Structure
After the transaction closes, Evernorth is expected to hold approximately 473 million XRPs. The company claims this will make it the only listed company dedicated to the token. In addition, the transaction will generate a large cash inflow of approximately $300 million, including $225 million from private placement,$30 million from convertible notes and approximately $48 million in the Armada II trust account.
Major supporters include Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital.
Market Reaction and Analysis
Since the code "XRPN" had been used for trading shares of Armada II before the merger, the stock fell 50.32% on October 6 to close at US$19.20, reversing a previous rally due to merger expectations. This price reflects the pre-merger status of the shell company, rather than the post-merger Evernorth value.
Market analysts pointed out that the listing alone will not increase demand for XRP, as most treasury funds are provided by investors and partners before the listing. Birla positioned the stock as another way to invest in the token. He said in an Oct. 1 statement that a listing would provide investors with a "regulated, transparent way to hold XRP exposure."
XRP Price Volatility
This listing comes at a time when XRP is experiencing a period of severe fluctuations. XRP rose more than 40% at the end of the third quarter, but slipped from about $1.53 to $1.39 on October 8 during the ensuing widespread cryptocurrency sell-off. Anonymous analyst EGRAG Crypto said buyers need to regain the $1.55 to $1.60 range to change the short-term bearish trend and listed $1.37 as a possible retest level.
