Evernorth Clears Key Hurdle for Nasdaq Debut with $1 Billion XRP Treasury Deal
Evernorth has cleared a major hurdle on its path to listing on Nasdaq. Shareholders of Armada Acquisition Corp. II approved their business combination, paving the way for the company's debut under the ticker XRPN.
The transaction will create a publicly traded vehicle focused on holding XRP as a treasury asset. At closing, the deal is expected to bring in around $300 million in gross cash proceeds and boost Evernorth's XRP holdings to approximately 473 million tokens from its current 347 million.
The combined company plans to begin trading on October 8, following the anticipated close of the transaction on October 7. The listing may also provide investors with another regulated avenue for gaining exposure to XRP, joining a growing market that includes spot XRP exchange-traded funds.