# Ripple-Backed Evernorth Completes SPAC Merger Ahead of Nasdaq Trading

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/29338
Published: 2026-10-10T01:20:07.000Z
Updated: 2026-10-10T01:20:07.000Z
Section: Business

> The company held about 473 million XRP and raised roughly $300 million in cash before transaction fees when the deal closed.

Evernorth, a Ripple-backed XRP treasury company, completed its business combination with Armada Acquisition Corp. II on Oct. 9, with its common stock expected to begin trading on Nasdaq under the ticker XRPN on Oct. 12.

At the transaction’s close, Evernorth held about 473 million XRP and raised roughly $300 million in total cash before transaction fees. The deal expands public-market access to a company focused on holding XRP and investing across its ecosystem.

Evernorth plans to deploy capital into XRP infrastructure and applications. It also plans to use institutional and decentralized finance, or DeFi, yield strategies to increase the amount of XRP held per share.

Other investors named in the transaction include Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR. Nasdaq trading is expected to start Oct. 12.