Shareholders of Armada Acquisition Corp. II have approved the proposed business combination with Evernorth, clearing a major hurdle for the creation of a publicly traded asset management company centered on an XRP treasury.
The transaction is expected to close on October 7, with the combined company targeting a Nasdaq debut on October 8 under the ticker XRPN, subject to customary closing conditions and Nasdaq listing approval. At closing, Evernorth expects to hold approximately 473 million XRP, positioning it as the largest publicly traded pure-play XRP treasury company.
Total gross cash proceeds before expenses are expected to be about $300 million, including roughly $225 million from related private placements, $30 million in convertible note financing, and about $48 million from Armada II’s trust account. Across the transaction and accompanying private placements, total proceeds exceed $1 billion. Investors include Ripple, Kraken, The SBI Group, GSR, and Arrington Capital, and the company said all advanced and delayed funders remain on board to support the expected closing.
The merger will create a new holding company called Ever-North Holdings, Inc., which will trade its class A common stock on Nasdaq. Public-market investors will gain exposure to a company focused largely on XRP rather than holding the digital asset directly. Evernorth plans to expand its XRP per share over time through yield strategies, ecosystem involvement, and capital markets operations, describing itself as an active digital asset treasury rather than a passive holder.
