Evernorth Wins Shareholder Vote for Nasdaq Debut With 473M XRP Treasury

Evernorth moved a step closer to becoming a publicly traded XRP treasury company after shareholders of Armada Acquisition Corp. II approved the proposed business combination. The deal is expected to close on Oct. 7, with shares of the combined company due to begin trading on Nasdaq under the ticker XRPN the following day, subject to remaining closing conditions. The approval was announced Thursday.

At closing, Evernorth expects to hold roughly 473 million XRP, which it says would make it the largest publicly traded pure-play XRP treasury company. XRP was trading near $1.50 at the time of publication, according to CoinGecko data, placing the value of that expected treasury at about $710 million.

The transaction is expected to raise approximately $300 million in gross cash proceeds, according to the announcement. That figure includes $225 million from related private placements, $30 million in convertible note financing and about $48 million from Armada II's trust, with investors also contributing XRP directly to the deal.

Evernorth's investor base includes Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital and GSR. The company has said it plans to grow its XRP holdings per share through yield strategies, participation in the XRP ecosystem and capital markets activities.

The shareholder vote followed Evernorth's March filing of a Form S-4 registration statement with the US Securities and Exchange Commission, which was declared effective in August. Approval by Armada II shareholders was one of the remaining steps before the Nasdaq listing.

The listing arrives amid mixed results for crypto companies using SPAC mergers to reach US public markets this year. Tokenization firm Securitize began trading on the New York Stock Exchange in July after merging with Cantor Equity Partners II, and CoinShares debuted on Nasdaq in April following a $1.2 billion merger with Vine Hill Capital Investment Corp. Others have stumbled: Ether Machine scrapped its planned merger with Dynamix in April, citing unfavorable market conditions and ending plans for a $1.5 billion yield-bearing Ether fund, while Adam Back's Bitcoin Standard Treasury Company and Cantor Equity Partners I shelved their original merger terms in July and indefinitely postponed a shareholder vote.