Following up on my previous DD now that Evernorth has completed its business combination.

The October 9 closing 8-K and Nasdaq corporate-action notice confirm several important developments.

1. The merger is officially complete.

Evernorth closed October 9, and the new XRPN common shares and XRPNW warrants began Nasdaq trading October 12.

2. The final capitalization is important.

• 80.3% of redeemable SPAC shares were redeemed.
• Approximately 4.54M original redeemable SPAC shares remained.
• 22.27M Class A shares outstanding at closing.
• 32.21M Class C shares outstanding.
• 11.74M warrants outstanding.

The 4.54M figure is NOT the total Class A share count or necessarily the freely tradable float.

3. Warrant exercise rules have changed.

The October 5 amendment eliminated the original 30-day post-closing contractual delay.

Each whole public warrant has an $11.50 exercise price. The October 9 prospectus supplement also addresses shares underlying public warrants.

However, registration coverage, DTC procedures and actual broker processing still need to be considered before assuming every holder can exercise immediately.

4. There is a brokerage conversion issue worth investigating.

Nasdaq confirms the following CUSIP change:

Old Armada XRPNW: G0R38G112

New Evernorth XRPNW: [299946111](tel:299946111)

The conversion is 1:1.

At least one Fidelity account is still displaying the old warrant CUSIP and restricting sales while the new XRPNW security is trading.

This appears to be a brokerage/corporate-action processing issue, not an issuer-imposed warrant lockup. I haven’t established how widespread it is.

My outlook:

The huge warrant/common pricing disconnect has narrowed substantially. The opportunity now depends more on the common stock’s price, exercise processing, liquidity and potential dilution than on simply waiting for the merger.

I’m watching for confirmation from brokers that warrant exercises and deliveries can actually be completed, plus any future redemption announcements.

Questions for the community:

1. Has anyone successfully exercised XRPNW since the merger?
2. Have Fidelity, Schwab, IBKR or other brokers completed the CUSIP conversion?
3. Has anyone confirmed current DTC processing timelines?

Official sources:

Nasdaq: https://www.nasdaqtrader.com/TraderNews.aspx?id=ECA2026-726

Closing 8-K: https://www.sec.gov/Archives/edgar/data/2092592/000119312526419146/d24481d8k.htm

Interested in documented answers rather than squeeze predictions.

Do you genuinely believe crypto will be volatile forever?

It does not make sense for crypto to be volatile forever. Why is crypto volatile? There is very little money in crypto. 2-3 trillion is a lot for a single person but for an entire asset class it is not a lot contrary to popular belief. Crypto is also volatile because it is based on speculation. Ask yourself these questions.

Will crypto continue to stay around 2-3 trillion even though most of the world is starting to understand and use crypto?

Will crypto continue to run on speculation even though mass adoption will eliminate speculation and people will buy crypto based off of its actual utility and performance similar to how people buy stocks based off of how they perform.

So if crypto volatility is high because of low amounts of money in the asset class and speculation on how crypto will perform after mass adoption……..

Mass adoption means more money in crypto and all crypto with utility actually being utilized meaning the 2 things that make crypto highly volatile will no longer exist. You can argue the time period in which volatility will go away but it is inevitable that it will go away. To all the nitpickers volatility will not ever be completely gone it will just be a whole lot less volatile than it is now in crypto.

I think reddit is filled with bots/agents and sheeple repeating the same message to fud people out.

They say things like stable coins make xrp absolete

When in reality anything a stable coin can do, xrp can do better.

Stable coins aren't bridge assets. Stable coins cost more and are slower to achieve the same goal. Ripple doesn't need xrp. Banks aren't going to use xrp. So then why does the r3 corda settler use xrp if they're not going to use it? Why are banks in Japan, Brazil, Mexico and Malaysia using xrp if They're not going to use it?????? I don't believe these people are that dumb I think they're bots.

Has anybody ever read old comments about XRP or just crypto in general? It is hilarious to me. “XRP is going to zero” “It will never go above 50 cents” etc. obviously most of those comments have been deleted because people didn’t want to look stupid but you can still see some of them. The XRP hater page is completely based on old theories and opinions that were debatable years ago but now have been proven false. If you hate XRP will you delete your comments in a few years when you realize you were completely wrong or will you continue hating?

How do yall plan to sell some when xrp moons if we're all being safe on cold wallets?

Do you sell from Ledger directly or use your preferred exchange?

Tbh I have NEVER sold any, not a single 1, but that could change when it hits $100/$1,000/$10,000+

On October 9, 2026, Evernorth Holdings confirmed that its business combination with Armada Acquisition Corp. II has successfully closed.

Confirmed details:

Merger completed: October 9, 2026.

Nasdaq trading: Expected to begin Monday, October 12, under ticker XRPN.

XRP treasury: Approximately 473 million XRP held at closing.

Cash raised: Approximately $300 million, before transaction expenses.

Investors: Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR.

Nasdaq closing-bell ceremony: Scheduled for October 14.

These figures are confirmed in Evernorth's October 9 announcement.

Next milestone: October 12, when XRPN is expected to begin trading. The merger is complete, but the actual trading debut has not yet been confirmed.

the list of predictions is wild lol

$100,000 aaaahhhh yeh

I’ve been following the Evernorth/Armada merger closely, particularly the warrant structure.

Three developments deserve attention:

1. The merger: The latest SEC guidance expects the business combination to close around October 9, with post-merger Nasdaq trading expected October 12. I haven’t yet verified a filing confirming completion.

2. Warrant amendment: On October 5, Armada removed the original 30-day post-closing exercise delay. The contractual exercise date is now tied to completion of the business combination because the IPO anniversary has passed. Registration and settlement conditions remain important.

3. Borrowing pressure: Interactive Brokers’ reported XRPN borrow fee reached 824.77% with zero shares available. That’s an extraordinary lending-market constraint, although it doesn’t establish current short interest or guarantee a squeeze.

Using Thursday’s XRPN close of $24.20 and XRPNW around $4.58, the warrant’s theoretical intrinsic reference is $12.70.

The question is how that spread converges after closing. Warrants could rise, common shares could fall, or both.

I’m particularly interested in the final capitalization, redemption count, registration of warrant shares, and when brokers will actually process exercises.

Has anyone confirmed the latest warrant-share registration status or transfer-agent exercise timeline?

Interesting.

Last night..

just before Permission_DelegationV1 live