Evernorth clears shareholder vote ahead of Nasdaq debut with 473M XRP treasury
Evernorth will become a publicly traded XRP treasury company after shareholders of Armada Acquisition Corp. II approved the business combination. The deal is expected to close on Oct. 7, with Nasdaq trading under ticker XRPN beginning Oct. 8, subject to remaining closing conditions. Evernorth says it will hold about 473 million XRP at closing, making it the largest publicly traded pure-play XRP treasury company. The transaction is expected to raise about $300 million in gross cash proceeds, including private placements, convertible note financing, and Armada II trust funds, plus direct XRP contributions. Major backers include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. Evernorth plans to increase XRP holdings per share through yield strategies, ecosystem participation, and capital markets activity. The listing comes amid mixed outcomes for crypto SPAC deals, with some successful debuts and several recent merger setbacks tied to weak market conditions.
