TL;DR
- Armada Acquisition Corp. II shareholders approved the Evernorth business combination, moving Evernorth closer to a planned Nasdaq debut under XRPN.
- The transaction is expected to close October 7 and generate $300 million in gross proceeds, with trading targeted for October 8.
- Evernorth expects to hold 473 million XRP at closing, which it says would make it the largest listed pure-play XRP treasury company.
Evernorth is moving closer to a Nasdaq debut after Armada Acquisition Corp. II shareholders approved the proposed business combination on September 30. The official announcement says the transaction and related private placements raised more than $1 billion, while Evernorth is expected to hold approximately 473 million XRP at closing. The vote clears a major step toward creating a publicly traded XRP-focused treasury company, although customary closing conditions must be satisfied.
Evernorth Targets October 8 Nasdaq Trading
The business combination is expected to close October 7, with Evernorth’s Class A common stock expected to begin trading on Nasdaq under XRPN on October 8. The milestone follows the company’s earlier Form S-4 registration process, which advanced the planned listing through the SEC registration stage. Nasdaq trading is scheduled for the day after the expected closing, subject to remaining transaction and listing requirements.
The deal is expected to generate approximately $300 million in gross cash proceeds, including $225 million from related private placements, $30 million of convertible note financing and $48 million from trust proceeds. Investors also contributed XRP in kind. Those contributions are expected to leave Evernorth with about 473 million XRP at closing, making it the largest publicly traded pure-play XRP treasury company, according to Evernorth. The financing extends recent treasury funding activity.
Evernorth plans to offer public-market investors regulated, liquid and transparent XRP exposure while actively managing its treasury. Rather than simply holding the asset, the company intends to pursue yield strategies, ecosystem participation and capital-markets activities designed to increase XRP per share over time. The model combines XRP exposure with an actively managed treasury strategy, extending Evernorth’s push to position the token within institutional payment and blockchain infrastructure.
Investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. CEO Asheesh Birla said becoming public would give investors a regulated way to gain XRP exposure. Evernorth said all advanced and delayed funders remain involved. The October timetable depends on completing the closing conditions, so shareholder approval advances the transaction but does not complete the merger or guarantee Nasdaq trading begins as scheduled.
