Evernorth Holdings, the Ripple-backed company building the largest publicly traded pure-play XRP treasury, delayed its expected Nasdaq debut because of an administrative issue disclosed on October 6.

The new date is now October 12, and XRP’s price barely reacted to this news.

Evernorth’s Nasdaq Listing Timeline After the Delay

Evernorth is going public on Nasdaq through a merger with Armada Acquisition Corp. II, under the ticker XRPN. Once listed, investors can buy its shares on a regulated exchange.

The company expects the combined shares to start trading on Monday, October 12, pending closing conditions and Nasdaq listing requirements. The original plan targeted a close on October 7 and a debut on October 8.

Evernorth said the delay is purely administrative and “not expected to affect the closing.” Armada II shareholders already approved the merger on September 30.

At closing, Evernorth expects to hold about 473 million XRP, plus roughly $300 million in gross cash proceeds. That would make it the largest publicly traded pure-play XRP treasury company.

Will the Delay Affect XRP Price?

XRP price fell nearly 2% today, largely driven by a liquidity flush that affected the whole market.

However, the altcoin’s fundamental indicators remain largely bullish. XRP ETFs recently recorded 12 straight weeks of inflow.

Market analysts note that the listing itself does not create new buying pressure for XRP. Investors and partners contributed most of the treasury before the public debut.

In other words, the XRP backing the company already exists, so the listing creates no new demand for the token. The market took the short delay calmly.

In the longer term, a successful XRPN launch could still help XRP. It would give traditional investors a regulated equity vehicle focused on growing XRP holdings per share through active treasury management.

That access may widen the buyer base over time, although analysts see no immediate price effect.

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Source: BeInCrypto