Evernorth shareholder vote clears path for XRP treasury SPAC merger and Nasdaq debut
Evernorth Holdings received shareholder approval for its business combination with Armada Acquisition Corp. II on September 30, clearing a key hurdle for the SPAC merger. The combined company will launch with roughly 473 million XRP and expects to raise about $300 million in gross proceeds, targeting a Nasdaq listing under the ticker XRPN around October 7. Investors such as Ripple, Kraken and several crypto‑focused funds are participating in the transaction.
Why it matters
The approval removes a required closing condition, allowing Evernorth to proceed toward a Nasdaq listing and to deploy a large XRP treasury, which could affect XRP market liquidity and provide investors exposure to an actively managed crypto treasury. The company expects the treasury to be valued at roughly $710 million based on a $1.50 XRP price.
Key facts
- 1Armada Acquisition Corp. II shareholders approved the business combination with Evernorth on September 30. finance.yahoo.com
- 2The vote recorded 94% approval with 21,877,045 shares representing about 69% of voting shares. coingape.com
- 3Evernorth expects to launch with at least 473,276,430 XRP at closing. finance.yahoo.com
- 4The transaction is expected to close on October 7, with Nasdaq trading to begin the following day. tradingview.com
- 5Gross cash proceeds are projected at about $300 million, including $225 million from private placements, $30 million from convertible notes and roughly $48 million from the SPAC trust. tradingview.com
- 6Investors in the deal include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital and GSR. tradingview.com
Summary written by AlphAI from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.