Armada Acquisition Corp. II shareholders voted at an extraordinary general meeting on September 30, 2026 to approve the proposed business combination with Evernorth, clearing a major hurdle for the XRP treasury company's Nasdaq listing. The combined company will operate as Evernorth Holdings, Inc., with Class A common stock expected to begin trading under the ticker XRPN on October 8, 2026, provided the transaction closes as anticipated on October 7 and remaining closing conditions are satisfied or waived.
Evernorth expects to hold approximately 473 million XRP at closing, including tokens contributed in kind by participating investors. The company described that figure as positioning it to become the largest publicly traded business devoted exclusively to an XRP treasury. Ahead of closing, Evernorth currently holds roughly 347 million XRP, worth about $512 million at the time of reporting, according to BitcoinTreasuries data. XRP was trading around $1.48, with a market capitalization above $93 billion, after finishing the third quarter more than 40% higher.
The transaction is expected to generate approximately $300 million in gross cash proceeds, before transaction expenses. Related private placements account for $225 million, incremental convertible note financing adds $30 million, and approximately $48 million is expected from Armada II's trust proceeds. Evernorth said both advanced and delayed funders participated fully, and its backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
Evernorth founder and chief executive Asheesh Birla said going public will offer investors "a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," and thanked shareholders for their support. Evernorth first filed the S-4 registration for the $1 billion SPAC deal in March; around the time the registration became effective in August, Evernorth Chief Business Officer Sagar Shah noted a new proposal could give the XRP Ledger native lending functionality while reducing smart contract risks.
