Evernorth XRP Deal Clears Shareholder Hurdle, Trading to Begin on Nasdaq
Armada Acquisition Corp. II shareholders have approved its business combination with Evernorth Holdings, paving the way for the creation of a publicly traded company built primarily around holdings of the XRP cryptocurrency. The deal, which was voted on by shareholders on Wednesday, positions the transaction to close on October 7, subject to remaining closing conditions. Once complete, the combined company will begin trading on the Nasdaq under the ticker XRPN on October 8.
The transaction is expected to provide Evernorth with about $300 million in gross cash proceeds before expenses, including $225 million from private placements, $30 million in additional convertible-note financing, and approximately $48 million remaining in Armada II's trust account. Investors have also contributed XRP directly to the company, with Evernorth expecting to hold approximately 473 million XRP when the deal closes. This will position the company as a publicly traded vehicle whose value and financial performance will be closely tied to the cryptocurrency.
Founder and CEO Asheesh Birla said the public listing is intended to give investors a regulated and liquid way to gain exposure to XRP and the broader blockchain market. The company plans to use capital-markets transactions, participation in the XRP ecosystem, and yield-generating strategies to increase XRP per share over time.