Evernorth Adjusts Nasdaq Listing Plan Amid Steep XRP Price Drop
Evernorth Holdings has revised its plan to list on Nasdaq through a merger with Armada Acquisition Corp. II, adjusting for XRP's steep price drop.
The initial deal was structured around an assumed XRP price of $2.36, but with the token now trading near $1, Evernorth and Armada II have revised the terms to better reflect current market conditions.
Under the revised structure, Evernorth will no longer rely on a fixed company valuation, instead using XRP's volume-weighted average price (VWAP) around the transaction's closing date to determine the final number of shares issued.
This approach aims to keep Evernorth shares closer to the net asset value of the XRP held in its treasury and reduce the risk of investors paying based on outdated valuations.