Evernorth, an XRP treasury company, has postponed its Nasdaq debut after shares of the special purpose acquisition company (SPAC) taking it public, Armada Acquisition Corp. II (XRPN), plummeted 50.3% on Tuesday (Oct. 6) to close at $19.20. The decline came from $38.65 a day earlier, reversing a speculative surge that saw shares trade as high as $53 on Oct. 2. Evernorth cited an administrative delay for pushing the merger completion to around Oct. 9, with trading of the combined entity on Nasdaq now expected to begin around Oct. 12, instead of Oct. 8. The company expects to hold approximately 473 million XRP upon closing.