Evernorth Eyes Massive Share Issuance to Fuel XRP Growth
Evernorth Holdings is seeking approval from shareholders to issue up to 10 billion shares in its proposed merger with Armada Acquisition Corp. II, which would allow the XRP treasury firm to expand its operations and increase its holdings of the cryptocurrency.
The proposed charter would authorize 7.4 billion Class A shares, 100 million Class B shares, 2.4 billion Class C shares, and 100 million preferred shares, with approximately 34.5 million Class A shares and 11.5 million warrants involved in the initial transaction.
Evernorth plans to use its capital flexibility to raise additional funds after listing on Nasdaq under the ticker XRPN, but this would increase the amount of XRP the company must add if it wants to grow XRP per share.
The company's CEO, Asheesh Birla, has stated that maximizing XRP per share is a goal for shareholders and that capital markets activity will be used to achieve this target.