Evernorth Clears Shareholder Hurdle for Nasdaq Listing with Huge XRP Treasury
Evernorth has secured shareholder approval for its proposed business combination with Armada Acquisition Corp. II, paving the way for the company's listing on the Nasdaq under the ticker XRPN. The deal is expected to close on October 7, with trading set to begin on October 8.
The combined company will hold approximately 473 million XRP in its treasury, making it the largest publicly traded pure-play XRP treasury company, according to Evernorth. This comes as part of a $300 million gross cash proceeds plan, which includes private placements, convertible note financing, and Armada II's trust.
Evernorth plans to grow its XRP holdings per share through yield strategies, participation in the XRP ecosystem, and capital markets activities. The company's investor roster includes Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR.