Evernorth wins shareholder approval for Armada II merger, targets Nasdaq listing on Oct. 8

News Editor

2026-10-02 01:52:06

Ripple-backed XRP treasury company Evernorth said its merger with special purpose acquisition company Armada Acquisition Corp. II has been approved by Armada II shareholders at a special meeting held on Sept. 30. In a news release issued on Oct. 1, the companies said the transaction is expected to close on Oct. 7, with the combined entity, Evernorth Holdings, set to begin trading on Nasdaq on Oct. 8 under the ticker XRPN. The release said the deal is expected to generate about $300 million in gross cash proceeds, including a $225 million private placement, $30 million in new convertible note financing, and about $48 million held in the trust account, before transaction expenses. Investors also contributed XRP in kind, bringing total proceeds from the transaction and related private placement to more than $1 billion. Evernorth said it expects to hold about 473 million XRP at closing. The Block separately reported that the company currently holds 347 million XRP.

Ripple-backed XRP treasury company Evernorth and special purpose acquisition company Armada Acquisition Corp. II said on Oct. 1 that Armada II shareholders approved their proposed merger at a special meeting on Sept. 30.

Combined company plans to trade on Nasdaq as XRPN

According to the news release, the merger is expected to close on Oct. 7. The combined company, Evernorth Holdings, is expected to begin trading on Nasdaq on Oct. 8 under the ticker XRPN.

The release said Evernorth expects to hold about 473 million XRP when the transaction closes. The company said that would make it the largest publicly listed XRP treasury company focused on a single asset.

Deal projected to bring in about $300 million in gross cash proceeds

The companies said the transaction is expected to generate about $300 million in gross cash proceeds, including a $225 million private placement, $30 million in new convertible note financing, and about $48 million from the trust account, before transaction expenses.

Investors also contributed XRP in kind. The transaction and related private placement together raised more than $1 billion.

The Block says Evernorth currently holds 347 million XRP

The Block reported that Evernorth currently holds 347 million XRP.

Evernorth founder and CEO Asheesh Birla said, 「Going public will provide investors with a regulated and transparent way to gain exposure to XRP and participate in the growth of the blockchain economy.」

SEC filing shows vote count from shareholder meeting

According to an 8-K filing submitted by Armada II to the U.S. Securities and Exchange Commission, the merger agreement proposal received 20,514,034 votes in favor and 1,362,081 votes against. Shares present at the meeting represented about 69% of voting power.

The merger agreement was signed on Oct. 19, 2025, and the signatories included Ripple Labs.

The news release said the merger remains subject to the satisfaction or waiver of the remaining closing conditions, and that all prepaid and deferred funding investors have participated.

Backers include Ripple, SBI Group and Kraken

Evernorth investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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