Evernorth Shifts Share Terms to Reflect XRP Value Ahead of Public Listing
Evernorth is revising its share terms for investors ahead of its planned public listing through Armada Acquisition Corp. II. The change ties the number of shares issuable to XRP's value at closing, measured by its volume-weighted average price, rather than a fixed $2.36 XRP price used when the business combination agreement was signed.
The revised terms are expected to reduce the number of shares issued at closing based on XRP's current trading price, with each share representing a larger portion of Evernorth's XRP treasury. Asheesh Birla, Evernorth's founder and chief executive, said the revised approach is intended to preserve alignment among investors while supporting the company's strategy of building institutional access to the XRP ecosystem.
Investors representing over 95% of committed capital, including all of Evernorth's advance funders, have agreed to the revised terms. The Armada II sponsor has also agreed to adjust its founder shares on the same proportional basis as the advance funding investors.