Evernorth has completed its business combination with Armada Acquisition Corp. II, clearing the final major obstacle before the XRP-focused treasury company begins trading on Nasdaq under the ticker XRPN. The closing was announced Friday evening and occurred on October 9, setting the stage for a market debut expected on Monday, October 12, with management planning to ring the closing bell on October 14.
The newly public company enters the market holding approximately 473 million XRP and roughly $300 million in gross cash proceeds, before transaction expenses. The merger follows a shareholder vote in which about 20.5 million Armada shares voted in favor and 1.4 million against. Evernorth previously disclosed more than $1 billion raised through the transaction and associated private placements, a figure that includes XRP contributions and other investments alongside new cash.
Financing disclosures show private placements supplied $225 million, or 74.3% of previously disclosed cash components, while convertible notes contributed $30 million and the SPAC trust account provided $48 million. Backers include Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital. Michael Arrington, founder of Arrington Capital, said the public company structure plays a critical role in the institutional development of this infrastructure.
Evernorth describes itself as an actively managed XRP treasury, not a passive holding vehicle. CEO Asheesh Birla said the company intends to deploy capital across the XRP economy, including institutional and DeFi yield strategies, ecosystem infrastructure, on-chain credit markets and other capital-markets activities. The goal is to increase XRP exposure per share over time. As a result, shares may trade at a premium or discount to the company’s net asset value, and corporate expenses, dilution and financing costs can influence XRPN independently of XRP’s price.
