Evernorth Wins Shareholder Approval for Nasdaq Debut With 473M XRP Treasury

Shareholders of Armada Acquisition Corp. II have approved the business combination that will turn Evernorth into a public XRP treasury company. The deal is expected to close on Oct. 7, with shares trading on Nasdaq under the ticker XRPN the next day, subject to closing conditions. The company filed its Form S-4 with the SEC in March, and it became effective in August. At closing, Evernorth expects to hold about 473 million XRP, worth roughly $710 million with XRP near $1.50.

XRP Treasury Funding and Investors

The transaction should bring in about $300 million in gross cash: $225 million from private placements, $30 million from convertible notes and about $48 million from Armada II’s trust. Investors also contributed XRP directly. Backers include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital and GSR. Evernorth plans to grow its XRP per share through yield strategies, ecosystem participation and capital markets activity.

Crypto SPAC Mergers Face Mixed Results

Other crypto firms have used SPACs this year with uneven outcomes. Securitize listed on the NYSE in July, and CoinShares debuted on Nasdaq in April after a $1.2 billion merger. But Ether Machine cancelled its Dynamix deal in April, and Adam Back’s Bitcoin Standard Treasury Company dropped its original merger terms in July, delaying its vote indefinitely.