Evernorth completed its merger with Armada Acquisition Corp. II and is expected to begin trading on Nasdaq under the ticker XRPN on October 12. The company brings approximately 473 million XRP and $300 million in gross cash proceeds to the listing.
Evernorth completed its business combination on October 9, setting up a Nasdaq debut for a company built around XRP holdings. The deal was a special purpose acquisition company (SPAC) merger, not an initial public offering.
Merger brings XRP and cash to Nasdaq
The transaction brings approximately 473 million XRP and $300 million in gross cash proceeds before expenses. Armada Acquisition Corp. II served as the merger partner, and its shareholders approved the deal on September 30.
Evernorth's investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. The company also plans to ring the Nasdaq closing bell on October 14.
Evernorth targets institutional XRP markets
Founder and CEO Asheesh Birla said Evernorth plans to invest in the XRP economy, develop infrastructure and introduce new use cases. Its plan also seeks to grow the number of XRP per share over time.
Beyond holding XRP, Evernorth aims to support tokenized assets, onchain credit markets and settlement infrastructure. It plans to join XRP Ledger validation, and it has described ways to use Ripple's stablecoin RLUSD for decentralized finance.
Listing brings regular disclosures
The Nasdaq listing will require regular financial disclosures, so investors will be able to review its XRP holdings, cash position and operating expenses through company filings. The company's financial position may change as it buys or sells XRP and invests in new projects.
Meanwhile, XRP traded near $1.4 at the time of the announcement, gaining approximately 1% on the day.
Source: CoinGape
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