Evernorth SPAC Merger Clears Shareholder Vote

Armada Acquisition Corp. II (Nasdaq: XRPN), the SPAC set to merge with Evernorth, has received shareholder approval for the business combination. The company filed an 8-K with the SEC on October 5, 2026, detailing the amendment to the warrant agreement with Continental Stock Transfer & Trust. The adjustment aligns the warrant terms with the IPO prospectus, making warrants exercisable at $11.50 per Class A share. The exercise period begins on the later of the business combination's completion or 12 months post-IPO closing.

The deal is expected to close on October 7, with trading under the ticker XRPN set to commence on October 8, pending Nasdaq listing approval. Upon completion, Evernorth will hold approximately 473 million XRP, positioning it as the largest publicly traded pure-play XRP treasury company. The closing remains subject to customary conditions.