Armada Shareholders Approve Evernorth Business Combination

Evernorth Holdings is expected to list on Nasdaq after Armada Acquisition Corp. II shareholders approved their business combination, which would create a publicly traded company centered on an XRP treasury.

The vote took place at a special meeting Sept. 30. The transaction is expected to close Oct. 7, and the combined company’s Class A common stock is scheduled to begin trading on Nasdaq under the ticker XRPN on Oct. 8.

The deal is expected to bring in about $300 million in cash proceeds. Investors are also contributing XRP in kind, and Evernorth Holdings expects to hold about 473 million XRP at closing.

The transaction and related private placements have raised more than $1 billion. If completed, Evernorth is expected to become the largest publicly traded pure-XRP treasury company.

The vote follows an earlier shareholder notice outlining the planned Sept. 30 vote on the Nasdaq listing. The merger is expected to close Oct. 7.