Add as a preferred source on GoogleEvernorth Begins Nasdaq Trading With 473 Million XRP Treasury
The company completed its merger with Armada Acquisition Corp. II on Oct. 9 and secured approximately $300 million in gross cash proceeds.
Evernorth Holdings Inc. began trading on Nasdaq under XRPN on Monday, bringing approximately 473 million XRP and $300 million in gross cash proceeds into public markets through its merger with Armada Acquisition Corp. II.
The business combination closed Oct. 9. Nasdaq also assigned XRPNW to Evernorth warrants, which expire Oct. 7, 2031.
The cash proceeds are stated before transaction expenses. Armada shareholders redeemed 18,463,753 Class A shares, representing approximately 80.3% of shares eligible for redemption, for approximately $195.39 million at about $10.58 per share.
Evernorth was formed as an XRP-focused digital asset treasury company. Its disclosed strategy includes institutional and decentralized-finance yield strategies, ecosystem participation and capital-markets activities intended to increase XRP per share.
The company plans to hold a Nasdaq closing-bell ceremony on Oct. 14.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.