Evernorth Merger Approved as Company Prepares Nasdaq Listing With 473 Million XRP
Shareholders of Armada Acquisition Corp. II have approved the proposed merger with Evernorth, clearing a major step toward the company’s planned Nasdaq listing and an XRP treasury expected to total approximately 473 million XRP.
The shareholder vote took place at an extraordinary general meeting on September 30, 2026. Evernorth expects the transaction to close on October 7, According to the announcement, subject to the satisfaction or waiver of remaining closing conditions.
If completed, the combined company will operate as Evernorth Holdings, Inc. Its Class A common stock is expected to begin trading on Nasdaq under the ticker XRPN on October 8.
The planned listing would give public-market investors access to a company whose strategy centers on holding XRP in its corporate treasury. Evernorth expects to hold about 473 million XRP at closing, including tokens contributed directly by participating investors.
The company expects that position to make it the largest publicly traded business focused exclusively on an XRP treasury.
Evernorth Merger Clears Shareholder Vote
The September 30 shareholder approval advances the business combination but does not by itself complete the transaction. Evernorth and Armada II must still satisfy or waive the remaining conditions required for closing.
Evernorth founder and chief executive Asheesh Birla described the proposed public listing as a regulated and transparent structure through which investors can gain exposure to XRP. He also thanked shareholders for supporting the transaction and connected the planned listing with broader participation in the blockchain economy.
The company has set October 7 as its targeted closing date, followed by the expected start of Nasdaq trading on October 8. Those dates remain subject to completion of the outstanding requirements.
Private Financing Adds More Than $300 Million in Expected Cash Proceeds
Evernorth also disclosed approximately $300 million in gross cash proceeds expected from the transaction, before expenses associated with completing the deal.
The financing includes $225 million from related private placements, making that the largest disclosed portion of the cash package. An additional $30 million is expected from convertible note financing, while approximately $48 million is projected to come from Armada II’s trust proceeds.
Together, those disclosed sources amount to approximately $303 million, broadly consistent with Evernorth’s rounded estimate of about $300 million in gross cash proceeds.
In addition to the cash financing, participating investors are contributing XRP directly to the company’s treasury. The combination of digital-asset contributions and cash financing forms the financial structure supporting Evernorth’s planned public-market debut.
The company said both advanced and delayed funders participated fully in the financing. Its disclosed backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, among other investors.
Evernorth is therefore moving toward its next two scheduled milestones: the expected merger completion on October 7 and the anticipated Nasdaq debut under XRPN on October 8. Neither date is final until the remaining closing conditions have been resolved.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.