Summary

• Armada II shareholders approved Evernorth’s merger, advancing its planned Nasdaq listing and expected treasury of approximately 473 million XRP tokens.
• Evernorth expects approximately $300 million in gross cash proceeds alongside direct XRP contributions from investors supporting the approved business combination.
• Nasdaq trading under XRPN should begin October 8, following an anticipated October 7 closing, subject to satisfaction of remaining conditions.

 

Armada II shareholders approved Evernorth’s merger, advancing its planned Nasdaq listing and treasury of approximately 473 million XRP. According to the announcement, Evernorth expects to close the transaction on October 7, subject to remaining closing conditions.

Shareholders voted on the proposed business combination during Armada Acquisition Corp. II’s extraordinary general meeting on September 30, 2026. Their approval moves Evernorth toward a public listing that would offer stock market investors exposure to its XRP holdings.

Following completion, the combined company will operate as Evernorth Holdings, Inc., retaining the name associated with its treasury strategy. Its Class A common stock should begin trading on Nasdaq under the ticker XRPN on October 8, 2026.

However, the companies must satisfy or waive the outstanding closing conditions before completing the merger and proceeding with that timetable. Shareholder approval therefore advances the transaction, while the anticipated closing and trading dates remain conditional.

At closing, Evernorth expects to hold approximately 473 million XRP, including tokens that participating investors have contributed in kind. The company expects that total to establish it as the largest publicly traded business devoted exclusively to an XRP treasury.

Evernorth founder and chief executive Asheesh Birla described going public as a regulated, transparent way for investors to obtain XRP exposure. Additionally, he thanked shareholders for their support as the company works toward completing the approved transaction. Birla also linked the listing to participation in the blockchain economy, outlining the investment proposition behind Evernorth’s public market plans.

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Private Placements and XRP Contributions Support Evernorth’s Listing Plans

Alongside its expected XRP holdings, Evernorth outlined approximately $300 million in gross cash proceeds associated with the business combination. This estimate excludes transaction expenses, which will affect the amount available when the companies complete the deal.

Related private placements account for $225 million, representing the largest disclosed component of the anticipated cash financing package. Meanwhile, incremental convertible note financing adds $30 million, with approximately $48 million expected from Armada II’s trust proceeds.

Together, those components total approximately $303 million, consistent with the rounded estimate of roughly $300 million in gross cash proceeds. Moreover, investors’ direct XRP contributions provide digital assets alongside the cash financing described in the announcement.

Evernorth also reported full participation from both advanced and delayed funders, describing support across those investor groups as unwavering. Its backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, among other investors supporting the transaction.

The financing disclosures accompany the shareholder vote, detailing the anticipated cash proceeds and cryptocurrency holdings as Evernorth prepares for closing.

Evernorth now targets completion on October 7, followed by Nasdaq trading on October 8 under the XRPN ticker. Both milestones depend on resolving the remaining closing conditions for the shareholder-approved business combination.

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