Evernorth Holdings is revising the terms of its planned Nasdaq listing through Armada Acquisition Corp. II after XRP fell to about $1 from the $2.36 level used when the deal was originally structured. The company said the amended merger and financing terms, backed by holders of more than 95% of committed capital including all advance funders, will link the final number of shares issued at closing to XRP's volume-weighted average price rather than a fixed valuation. Because XRP is trading well below the original assumption, fewer shares would be issued at $10 per share and each share would represent a larger claim on the company's XRP treasury, bringing public market pricing closer to net asset value. Armada II's sponsor agreed to a proportional founder-share adjustment to spread the effect across sponsor and financing interests, while Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR are among backers that endorsed the amendment in an amended Form S-4. Evernorth said it aims to complete the listing process in late Q3 or early Q4. Separately, The Crypto Basic reported the company holds 473 million XRP and was carrying about $39 million in unrealized losses at the end of last month.