# Evernorth Begins Nasdaq Trading After 80% SPAC Share Redemption

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/29981
Published: 2026-10-12T01:50:58.000Z
Updated: 2026-10-12T01:50:58.000Z
Section: Business

> The XRP treasury company completed its Armada Acquisition Corp. II merger on Oct. 9 and trades under XRPN, with warrants under XRPNW.

Evernorth began trading on Nasdaq under the ticker XRPN on Oct. 12 after completing its merger with Armada Acquisition Corp. II, while the transaction left about 80% of redeemable SPAC shares cashed out.

The company’s warrants trade under XRPNW. Armada II shareholders redeemed 18,463,753 Class A shares, or about 80.3% of the redeemable shares, at approximately $10.58 per share. The redemptions totaled about $195.39 million.

Evernorth’s merger filing used an XRP settlement price of $1.43069, compared with $2.36609 when the transaction was signed. The 39.5% decline reduced the number of shares received by certain investors whose contributions were converted using the XRP price ratio.

The completed transaction leaves Evernorth with 22,268,905 Class A common shares, 32,211,992 nonvoting Class C shares and 11,739,645 warrants. The warrants carry an exercise price of $11.50 per share.

SBI Holdings owns 39.9% of the Class A shares, while Arrington XRP Capital Fund owns 19.9%. Ripple, Larsen Lam Children’s Remainder Trust and the sponsor agreed to six-month lockups on their shares.