Evernorth set to trade on Nasdaq after SPAC merger approval

Armada Acquisition Corp. II shareholders approved a business combination with Evernorth Holdings, Inc. at an extraordinary general meeting held September 30, 2026, according to a press release from the companies.

The transaction is expected to raise approximately $300 million in gross cash proceeds, comprising $225 million from private placements, $30 million in convertible note financing, and approximately $48 million in trust proceeds, before transaction expenses. Investors have also contributed XRP in kind as part of the deal.

The business combination is expected to close October 7, 2026, with the combined company's Class A common stock expected to begin trading on Nasdaq under the ticker symbol "XRPN" on October 8, 2026.

At closing, Evernorth expects to hold approximately 473 million XRP. The company claims this would make it the largest publicly traded pure-play XRP treasury company, based on data from CoinGecko. Investors in the transaction include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR, among others.

The company said 100% of both advanced and delayed funders are participating in the transaction. Asheesh Birla, Founder and CEO of Evernorth, said the listing will "offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy."

Following the closing, the combined entity will operate as Evernorth Holdings, Inc. Armada II is a special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP.

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