Evernode Revises Nasdaq Listing Terms Amid XRP Price Decline

Evernode Holdings, backed by Ripple, has revised the terms of its Nasdaq listing to reflect the decline in XRP's price. The company is merging with special purpose acquisition company Armada Acquisition Corp II, and the new structure will directly link the listing value to XRP's volume-weighted average price (VWAP).

The original agreement assumed an XRP price of $2.36, but the current price has fallen to around $1. The revised terms aim to increase the ownership share of the fund's financial assets and align the stock's market price with the token's net asset value (NAV).

Evernode holds 473,276,430 XRP, of which Ripple strategically contributed over 126,000,000 XRP at an average price of $2.54. The current market value of XRP has fallen to around $473 million. The adjustment is intended to prevent public market investors from paying an excessive price if the company lists based on the previous benchmark valuation.

Ashish Birla, Evernode's founder and CEO, said that the adjustment is a measure to maintain market trust and preserve confidence in the company's long-term strategy to draw institutional funds into the XRP ecosystem. The revised terms were reflected in the latest S-4 filing submitted to the U.S. Securities and Exchange Commission.