Nasdaq-bound Evernorth Clears Shareholder Vote, Set for XRP Treasury Listing
Evernorth has cleared its shareholder vote, paving the way for its listing on the Nasdaq exchange. The company will begin trading under the ticker XRPN after a successful merger with Armada Acquisition Corp. II. This deal is expected to close on October 7th, with shares starting trading on October 8th.
Upon completion of the merger, Evernorth expects to hold approximately 473 million XRP tokens, making it the largest publicly traded pure-play XRP treasury company. The company's investors include Ripple, Kraken, Pantera Capital, and others. It plans to grow its XRP holdings through yield strategies and participation in the XRP ecosystem.
The deal is expected to raise around $300 million in gross cash proceeds, including private placements, convertible note financing, and other contributions. The transaction values Evernorth's XRP treasury at approximately $710 million, based on an XRP price of $1.50 per token.