Evernorth Clears Shareholder Vote Ahead of Nasdaq Debut with 473M XRP Treasury
Evernorth has cleared its shareholder vote, paving the way for the company to become a publicly traded XRP treasury firm on Nasdaq. The deal involves Armada Acquisition Corp. II, and shares of the combined company will begin trading under the ticker XRPN on October 8.
The vote is a crucial milestone in Evernorth's journey, with the company expecting to hold approximately 473 million XRP tokens at closing. This would make it the largest publicly traded pure-play XRP treasury company.
Evernorth filed its Form S-4 registration statement with the US Securities and Exchange Commission in March, which was declared effective in August. The transaction is expected to raise around $300 million in gross cash proceeds.
The investors backing Evernorth include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. They plan to grow their XRP holdings through yield strategies, participation in the XRP ecosystem, and capital markets activities.