Armada Acquisition Corp. II shareholders approved the business combination with Evernorth at a Sept. 30 meeting, clearing one of the last major hurdles before the deal is expected to close.
The companies say the transaction and related private placements have raised more than $1 billion in total support, with roughly $300 million in expected gross cash proceeds at closing.
What Evernorth is bringing to market
At close, Evernorth is expected to hold about 473 million XRP, which would make it the largest publicly traded pure-play XRP treasury company. Investors have also contributed XRP in-kind alongside cash financing.
Sponsored
The cash side of the deal is expected to include:
- about $225 million from related private placements
- $30 million in incremental convertible note financing
- An estimated extra $48 million from trust proceeds
All of that is before transaction expenses.
Founder and CEO Asheesh Birla framed the listing as a way for investors to get regulated, transparent XRP exposure through a public vehicle rather than only through direct token ownership.
Here’s the projected Nasdaq timeline
The business combination is expected to close on October 7, 2026. Trading in the combined company’s Class A common stock is then expected to begin on Nasdaq under the ticker XRPN on October 8.
Investor participation has stayed firm, with the companies saying 100% of both advanced and delayed funders are still in. Backers listed around the deal include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR, among others.
How the company seeks to operate
Evernorth is positioning itself as a digital asset treasury focused on XRP. The plan is not only to hold the token, but to try growing XRP-per-share over time through yield strategies, ecosystem participation, and capital-markets activity.
That puts it in the newer lane of crypto treasury companies seeking public-market access, with XRP as the core reserve asset instead of Bitcoin or a mixed basket.
Shareholder approval removes a major uncertainty. If the remaining closing conditions are met, Evernorth is on track to hit the public market next week as XRPN, carrying one of the largest disclosed pure-play XRP treasuries of any listed company.
The market’s next test is simpler: whether public investors treat that structure as a useful XRP proxy once the shares get to trading on the major stock exchanges.
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