Evernorth Set to Become Largest Public XRP Treasury Company After Deal Approval

Armada Acquisition Corp. II shareholders have approved a business combination with Evernorth, which is expected to raise around $300 million in gross cash proceeds.

The deal involves investors contributing XRP to the transaction, and at closing, Evernorth will hold approximately 473 million XRP, making it the largest publicly traded pure-play XRP treasury company.

The combined entity is anticipated to begin trading on Nasdaq under 'XRPN' on October 8, following the expected closure of the deal on October 7, subject to remaining conditions.