Evernorth Revises XRP Deal for Nasdaq Debut

Evernorth Holdings is revising its planned public-market debut to align its share structure more closely with the value of its XRP treasury at closing.

The company, which plans to go public through a business combination with Armada Acquisition Corp. II, said investors representing over 95% of committed capital have approved the revised terms, including all of Evernorth's advance funders.

Under the original agreement, XRP was valued at $2.36 when determining investors' share allocations. The amended structure will instead use XRP's volume-weighted average price closer to the transaction's closing date.

This change could affect Evernorth's eventual share count. Private-placement investors subscribed at $10 per share. Under the revised mechanism, that $10 value remains the anchor, while the amount of XRP represented by each share adjusts with XRP's market price.