Evernorth Adjusts XRP Treasury Listing Timeline After Administrative Delay

Evernorth has adjusted its timeline for the public listing of its XRP treasury due to an administrative delay. The company now expects to close its merger on Friday, October 9, with Nasdaq trading for the combined entity, Evernorth Holdings Inc., set to begin on October 12. The initial targets were October 7 for the merger and October 8 for trading, but an unspecified administrative issue pushed back the schedule. Despite the delay, Evernorth emphasizes that the setback should not impact the completion of the transaction.

The revised dates were disclosed in an October 6 update on X and a Form 8-K filing submitted to the U.S. Securities and Exchange Commission. The filing, signed by CEO Asheesh Birla, specifies the dates as “on or about,” allowing for some flexibility. The postponement follows shareholder approval of the merger on September 30, which cleared the way for the transaction to proceed. The SEC had previously declared the transaction’s registration statement effective on August 27, though this did not constitute approval of the deal’s merits.

Upon completion, Evernorth Holdings Inc. will hold approximately 473 million XRP and about $300 million in gross cash proceeds. The financing includes $225 million from private placements, $30 million in convertible note financing, and $48 million from Armada II’s trust. The company’s structure is designed to give shareholders exposure to a digital asset treasury, with plans to grow XRP per share through lending and supplying assets for blockchain-based transactions. Backers include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR.