Evernorth Wins Shareholder Vote for Nasdaq Debut with 473M XRP Treasury

Nasdaq debut — Evernorth is set to become a publicly traded XRP treasury company after shareholders of special-purpose acquisition company Armada Acquisition Corp. II approved their proposed business combination.

The deal is expected to close on October 7, with shares of the combined company scheduled to begin trading on Nasdaq under the ticker XRPN the following day, subject to final closing conditions. At closing, Evernorth expects to hold approximately 473 million XRP, which it says would make it the largest publicly traded pure-play XRP treasury company.

With XRP trading around $1.50 at the time of the announcement, the company’s treasury is valued at roughly $710 million. The transaction is expected to raise about $300 million in gross cash proceeds from private placements, convertible notes, and the SPAC’s trust.

Evernorth’s investors include Ripple, Kraken, and Pantera Capital. The company plans to grow its XRP holdings per share through yield strategies and participation in the XRP ecosystem.