Evernorth Merger Clears Shareholder Hurdle, Paving Way for Nasdaq Listing

The shareholders of Armada Acquisition Corp. II have approved the merger with Evernorth, paving the way for a publicly traded company with a substantial XRP treasury to list on Nasdaq.

The business combination is expected to generate approximately $300 million in gross cash proceeds before expenses, with $225 million coming from related private placements, $30 million of incremental convertible-note financing, and approximately $48 million from Armada II's trust proceeds.

Evernorth expects to hold about 473 million XRP at closing, worth roughly $727 million based on the current price of $1.54 per unit.