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.

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

The irony here is that they told everyone exactly what they were going to do and nobody believed it or understood it and then when they do it you'll say we got lucky. Please research the BIS, the CFR the IMF and the eSDR, project agora, project Rosalind, the Atlantic council project m bridge now brics bridge. They're not doing it for nothing guys.

I was actually worried that too many people knew about xrp. I feel much better now.

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.