Evernorth Holdings Inc. has revised the timeline for its business combination with Armada Acquisition Corp. II, pushing the expected closing to on or about Friday, October 9, and the start of Nasdaq trading for its Class A common stock under the ticker XRPN to on or about Monday, October 12. The company attributed the change to an administrative delay that it said is not expected to affect completion of the transaction.

The updated schedule replaces the earlier plan for a closing on October 7 and trading debut on October 8. Both the revised closing and trading dates remain subject to customary closing conditions and Nasdaq listing requirements, according to an October 6 update from the company and a related Form 8-K filing with the U.S. Securities and Exchange Commission.

Shareholder Approval Already Secured

Armada Acquisition Corp. II shareholders approved the business combination at an extraordinary general meeting held on September 30. The company announced the result on October 1, noting that investor support for the transaction remained intact. The SEC had previously declared the related Form S-4 registration statement effective in late August, allowing the shareholder vote to proceed.

Following completion, the combined company will operate as Evernorth Holdings Inc. Its Class A common stock is expected to trade on Nasdaq under the XRPN ticker, which is already associated with Armada Acquisition Corp. II.

Projected Holdings and Financing Details

At closing, Evernorth expects to hold approximately 473 million XRP. The company has stated that this balance would make it the largest publicly traded pure-play XRP treasury firm. The projected holdings include contributions of XRP in kind, with Ripple expected to contribute roughly 126.8 million XRP as part of the arrangement. Other portions of the balance stem from acquisitions and separate contribution agreements.

The transaction is also projected to deliver approximately $300 million in gross cash proceeds before expenses. That total comprises about $225 million from related private placements, $30 million from incremental convertible note financing, and roughly $48 million from Armada II’s trust proceeds. The $30 million in convertible senior payment-in-kind notes carry a 4% rate, mature in 2031, and are tied to completion of the business combination. Proceeds may be used for additional XRP purchases and activities within the XRP ecosystem.

Investors participating in the transaction and related private placements include Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR. The overall process has raised more than $1 billion.

Treasury Strategy and Public Market Access

Evernorth’s model centers on providing regulated, transparent exposure to XRP through a publicly traded vehicle. Beyond holding the tokens, the company plans to seek growth in XRP per share through corporate credit transactions, liquidity provision, and participation in decentralized finance applications on the XRP Ledger.

In an earlier statement following the shareholder vote, CEO Asheesh Birla described the public listing as offering investors “a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy.”

A separate filing related to the SPAC structure addressed warrant terms, confirming an exercise price of $11.50 per Class A share. The warrants become exercisable on the later of the completion of the business combination or 12 months after the IPO closing.

The October 6 Form 8-K, signed by Birla, confirmed the revised timetable while reiterating that the administrative delay does not alter the underlying deal structure or the September 30 shareholder approval. Closing and the subsequent Nasdaq listing continue to depend on the remaining customary conditions being met or waived.