Armada Shareholders to Vote on $473M XRP Treasury Merger

The shareholders of Armada Acquisition Corp. II are set to vote on September 30 on whether to approve a merger built around an XRP treasury, which could eventually list on Nasdaq under the ticker XRPN.

According to the definitive proxy statement, at least 473,276,430 XRP would sit behind each public share when the deal closes. This number includes 126,791,458 tokens contributed by Ripple and 211,319,096 XRP associated with the sponsor.

The $214 million acquisition of 84,365,876.3625 XRP at an average price of $2.53657058 represents about 17.8% of the projected balance.

If public holders redeem their shares, the trust would contribute less cash to the merged company, which could impact the value of the treasury.