Evernorth Clears Path to Nasdaq Listing with $1 Billion SPAC Deal Approval
Evernorth, an XRP treasury company, has cleared a major hurdle on its path to listing on the Nasdaq stock exchange after its shareholders approved a $1 billion business combination with Armada Acquisition Corp. II.
The deal is expected to raise around $300 million in gross cash proceeds and see Evernorth hold approximately 473 million XRP at closing, up from its current 347 million tokens worth around $512 million at current prices of about $1.48 per token.
The combined company will trade under the ticker XRPN on October 8, following a deal expected to close on October 7.
Evernorth CEO Asheesh Birla said: 'Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy.'