Armada Acquisition Corp. II shareholders approved the business combination with Evernorth at a September 30, 2026, meeting, clearing a key condition for the planned Nasdaq listing. Evernorth expects the deal to close October 7, with XRPN shares set to begin trading October 8, and expects to hold roughly 473 million XRP at closing.
Shareholders of Nasdaq-listed Armada Acquisition Corp. II have approved the business combination with Evernorth, removing a central condition for the deal to close. Armada II is a special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP.
The combined company expects to close the transaction on October 7, with Nasdaq trading under the ticker XRPN beginning October 8. Evernorth said the business combination remains subject to satisfaction or waiver of its remaining closing conditions.
Treasury Would Hold Hundreds of Millions in XRP
At closing, Evernorth expects to hold approximately 473 million XRP, a balance the company says would make it the largest publicly traded pure-play XRP treasury company — though both the holding and that market position remain prospective until the deal closes. The approximately $300 million figure tied to the deal refers to gross cash proceeds before transaction expenses.
Evernorth says 100% of its advanced and delayed funders are participating, with named investors including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. Asheesh Birla, Evernorth's founder and CEO, framed the public listing as a market-based route to XRP exposure: According to Evernorth: "Going public will offer investors a regulated, transparent way to own XRP exposure."
Equity, Not Direct XRP Ownership
XRPN shares would represent equity in the combined company rather than direct ownership of XRP, and the expected 473 million XRP balance would move in dollar terms as XRP's market price changes. Evernorth's stated plan is to pursue strategies aimed at growing XRP per share through yield strategies, ecosystem participation, and capital markets activity, though execution of that plan is not guaranteed.
The companies' announcement also flagged risks around XRP volatility, shareholder redemptions, regulatory changes, meeting Nasdaq listing standards, and Evernorth's ability to execute its treasury strategies. The SEC's effectiveness in reviewing the registration statement allowed the transaction process to proceed, and the release noted the SEC did not approve or disapprove the deal's merits or fairness.
The shareholder vote removes a central transaction condition, but the remaining closing conditions must still be satisfied or waived before Evernorth becomes a publicly traded XRP treasury.
Source: Cryptonews
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