Evernorth Clears Shareholder Vote Ahead of Nasdaq Debut with 473M XRP Treasury

Evernorth, a blank-check firm, has cleared the shareholder vote to merge with Armada Acquisition Corp. II. This deal is expected to close on October 7, with shares of the combined company set to begin trading on the Nasdaq under the ticker XRPN the following day, subject to remaining closing conditions. The vote clears a key hurdle after Evernorth filed its Form S-4 registration statement with the US Securities and Exchange Commission in March. The registration statement was declared effective in August, leaving shareholder approval as one of the remaining steps before the Nasdaq listing.

At closing, Evernorth expects to hold about 473 million XRP, which would make it the largest publicly traded pure-play XRP treasury company. The transaction is expected to raise about $300 million in gross cash proceeds, including $225 million from related private placements, $30 million in convertible note financing, and roughly $48 million from Armada II's trust.

Evernorth's investors include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. It plans to grow its XRP holdings per share through yield strategies, participation in the XRP ecosystem, and capital markets activities.