Evernorth Delays Merger Closing and Nasdaq Debut

Evernorth has pushed back the expected closing of its merger with Armada Acquisition Corp. II and the planned Nasdaq debut of its XRP-focused treasury business, citing an administrative delay. The merger is now expected to close on or about October 9, with trading under the XRPN ticker expected to begin on or about October 12, the company said. Both dates remain subject to conditions, and Nasdaq listing requirements apply to the trading start. The revised timetable moves the expected closing from October 7 and the debut from October 8. In an October 6 update and filing, Evernorth said the administrative delay was not expected to affect completion of the transaction. Armada shareholders approved the merger on September 30, but that vote did not complete the deal; remaining closing conditions still must be met or waived. At closing, Evernorth projects it will hold approximately 473 million XRP and receive about $300 million in gross cash proceeds before expenses. The company has described that projected balance as making it the largest publicly traded company focused primarily on an XRP treasury.