Evernorth Holdings has pushed back its timeline by two days for the deal and four days for the stock. In a Form 8-K filed Tuesday, the company said its business combination with Armada Acquisition Corp. II is now expected to close “on or about October 9, 2026.” Its Class A common stock is expected to begin trading on Nasdaq under the ticker XRPN “on or about October 12, 2026.”
The old plan, set out in the company’s October 1 release, was a close today, October 7, and first trading on Thursday, October 8.
What the company said
The filing gives one reason: “an administrative delay that is not expected to affect the closing.” It does not say what the delay is. Both new dates remain “subject to satisfaction of customary closing conditions.” CEO Asheesh Birla signed the report.
Evernorth posted the same message on its verified X account: “we now expect to close on Friday, October 9th, with XRPN expected to start trading on Nasdaq on Monday, October 12th, in each case subject to customary closing conditions and Nasdaq listing requirements.” The X wording names Nasdaq listing requirements directly. The 8-K covers that ground in its risk language. An October 7 Rule 425 filing shows Evernorth also lodged its October 6 communications with the SEC.
Nothing else in the deal terms has been publicly changed. Armada’s shareholders approved the combination on September 30. Per Armada’s vote 8-K, the Business Combination Proposal passed 20,514,034 to 1,362,081. The October 1 release projected about $300 million in gross cash proceeds before expenses and about 473 million XRP on the balance sheet at closing. Those remain projections until a closing filing confirms them.
A warrant fix along the way
One more piece of plumbing moved this week. On Monday, Armada amended its warrant agreement with Continental Stock Transfer & Trust. The warrants trade on Nasdaq as XRPNW and carry an $11.50 exercise price. The change makes the agreement match what Armada’s May 2025 IPO prospectus already promised: the warrants become exercisable on the later of the completed business combination or 12 months after the IPO closed. Evernorth announced the amendment the same day.
That is a conforming change, not a new economic term. It lines up the contract with the disclosure investors were given, before the shares and warrants become claims on an XRP treasury company.
The rails view
For trust, the useful part is how the change was delivered. The new dates came first in an SEC filing signed by the CEO, matched in substance on the company’s own X account, and were labeled “on or about.” The company did not quietly let October 7 pass. It refiled.
What still has to happen is the same list as last week: the closing conditions, funding from private placement and in-kind contributors, final trust cash after redemptions, and Nasdaq clearance for the combined company’s stock. Until a closing 8-K and a listing notice arrive, October 9 and October 12 are company-expected dates, not completed events.
The market backdrop is soft. XRP traded near $1.47 on Wednesday morning during a broad, leverage-driven sell-off, FXStreet reported. U.S. spot XRP ETFs still took in a net $3.1 million on Tuesday, Cointelegraph reported, citing SoSoValue data. Hardwire will report the closing filing when it lands.
Sources: Evernorth Form 8-K (Oct 6); Evernorth on X; Evernorth Rule 425 filing (Oct 7); Armada Form 8-K, warrant amendment; Evernorth release on warrant amendment; Armada Form 8-K, vote results; PR Newswire; Cointelegraph; FXStreet