Nasdaq-bound Evernorth to become largest publicly traded XRP treasury company
Evernorth, a blank-check firm Armada Acquisition Corp. II, has cleared shareholder approval for its proposed business combination with Evernorth. The deal is expected to close on October 7, with shares of the combined company set to begin trading on Nasdaq under the ticker XRPN on October 8.
As part of the agreement, Evernorth will hold approximately 473 million XRP, making it the largest publicly traded pure-play XRP treasury company. The transaction is expected to raise around $300 million in gross cash proceeds, including $225 million from related private placements and $30 million in convertible note financing.
Evernorth's investors include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. The company plans to grow its XRP holdings per share through yield strategies, participation in the XRP ecosystem, and capital markets activities.