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XRP XRP News: Armada Acquisition Corp. II shareholders approve commercial merger with Evernorth Holdings
On September 30, Armada Acquisition Corp. II shareholders voted to approve the commercial merger with Evernorth Holdings at a special shareholders meeting. The transaction cleared a major obstacle to building a public company with XRP positions at its core.
The transaction and related private equity financing raised more than US$1 billion. Of this, gross cash income is expected to be approximately US$300 million, which consists of US$225 million from related private placements, US$30 million in incremental convertible note financing, and approximately US$48 million held in the Armada II trust account (before deducting transaction fees).
All investors committed to participating in the transaction
Investors also directly injected XRP into the company. As of delivery, Evernorth is expected to hold approximately 473 million XRPs. This will make it the first listed company to focus on holding the token.
Throughout the process, investor support for the transaction remained firm. Whether it is a group that contributes in advance or delayed contribution, it will participate in full, and each group promises to invest 100% of the capital.
Evernorth founder and CEO Asheesh Birla said a listing would provide investors with a regulated and transparent way to reach XRP. He added that a listing allows shareholders to participate in the growth of the broader blockchain economy.
Armada II is a Nasdaq-listed special purpose acquisition company (SPAC). Investors 'funds were held in trust accounts until shareholders approved the transaction, and this step has now been completed.
Nasdaq listing scheduled for October 8
The business merger is expected to be completed on October 7. The timetable depends on meeting or waiving remaining delivery conditions associated with the transaction.
After the merger is completed, the combined company will use "Evernorth Holdings, Inc." As an operating name. Its Class A common stock is expected to begin trading on Nasdaq on October 8 under the ticker symbol "XRPN."
Related Background
Evernorth's investor lineup includes Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. The company's structure follows a wave of similar financial instruments, designed to give open market investors exposure to a single cryptocurrency without directly holding it.
Unlike traditional initial public offerings (IPOs), Evernorth entered Nasdaq by merging with an already listed buyout company rather than submitting its own IPO prospectus. This structure has become a common path for cryptocurrency-focused treasury companies seeking to go public.
