XRP climbed back above $1.50 on Sep. 30 after a reported shareholder vote approved Evernorth's merger with Armada Acquisition Corp. II, clearing a key step toward the Ripple-backed treasury company's planned Nasdaq listing. The token had slipped below $1.47 earlier in the session before the vote news sparked a rebound. A separate $30 million financing deal and the XRPN listing still depend on the deal closing.
XRP traded around $1.51, up roughly 1.89%, after falling below $1.47 earlier on Sep. 30. The rebound followed a report that Armada shareholders had approved the Evernorth merger, advancing the company's planned Nasdaq listing.
A reported vote drove the rebound
Crypto.news attributed the result to Bear Champ, an XRPL collaborator who said on X that he had listened to the shareholder meeting. According to crypto.news: "Listened in on the Armada/Evernorth merger vote, it passed". Shareholder approval lets the proposed combination move toward closing, with Evernorth expecting to trade on Nasdaq under the ticker XRPN once remaining conditions are met.
Price swung repeatedly through the session
In the Sep. 30 session, XRP climbed toward $1.55 earlier in the day before retreating, then traded mainly between $1.48 and $1.50 for several hours. During a later advance, it briefly reached approximately $1.54 before slipping back toward $1.50 and then recovering after the drop below $1.47. The merger vote coincided with that final rebound.
Evernorth's treasury and financing plans hinge on closing
Evernorth's registration materials describe an expected treasury balance of at least 473,276,430 XRP at closing, a figure that combines token purchases and commitments from transaction participants rather than a planned sale. The SEC declared Evernorth's Form S-4 registration statement effective on Aug. 27, and eligible voters were Armada shareholders who held shares on the Aug. 20 record date.
A separate $30 million financing agreement, covering convertible senior notes carrying 4% annual interest and maturing in 2031, is scheduled to close alongside the Armada business combination. Evernorth has said proceeds could fund general corporate purposes, including XRP purchases.
Redemption requests from public shareholders, which could reduce the cash Armada contributes to the combined company, were due by Sep. 28, two business days before the vote.
Source: crypto.news
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