Evernorth Holdings updates Nasdaq listing terms

Evernorth Holdings is updating its Nasdaq listing, tying share issuance to XRP’s market price at closing. This boosts XRP backing per share and aligns share value with XRP holdings.

Evernorth Holdings, a Ripple-backed XRP treasury firm, is moving forward with its Nasdaq listing by updating its merger agreement with Armada Acquisition Corp. II. The main change links share issuance to the volume-weighted average price of XRP at closing, replacing the previous fixed reference price of $2.36. This means that if XRP’s price is lower at closing, each $10 share will be backed by more XRP, resulting in fewer shares issued and a higher XRP-per-share ratio. Over 95% of committed investors have approved these revised terms, which are outlined in an amended SEC registration statement. The adjustment aims to better align the company’s capitalization with the market value of its XRP holdings, ensuring each share more accurately reflects the underlying assets. The business combination is expected to close in late Q3 or early Q4 of 2026, pending regulatory approval.