SKN | Evernorth Wins Shareholder Approval for Nasdaq Listing With 473M XRP Treasury

Key Points:

• Evernorth shareholders approved the proposed business combination with blank-check company Armada Acquisition Corp. II.
• The transaction is expected to close Oct. 7, with the combined company scheduled to begin trading on Nasdaq under the ticker XRPN on Oct. 8, subject to remaining conditions.
• Evernorth expects to hold approximately 473 million XRP at closing, supported by more than $1 billion in total capital commitments and XRP contributions.

Evernorth has cleared a major step toward becoming a publicly traded XRP treasury company after shareholders of Armada Acquisition Corp. II approved their proposed business combination.

The transaction is expected to close on Oct. 7, with shares of the combined company expected to begin trading on Nasdaq under the ticker XRPN the following day, provided the remaining closing conditions are satisfied.

The planned listing would make Evernorth one of the largest publicly traded companies built specifically around an XRP treasury strategy.

Evernorth Targets 473M XRP Treasury

At closing, Evernorth expects to hold approximately 473 million XRP. Based on the valuation cited in the source material, the treasury would be worth roughly $710 million at current market prices.

Evernorth said the holdings would make it the largest publicly traded pure-play XRP treasury company.

The company’s strategy places XRP directly at the center of its corporate treasury model, similar to the approach taken by publicly traded companies that have accumulated Bitcoin or other digital assets as a primary treasury reserve.

SPAC Transaction Clears Key Milestone

The shareholder vote follows several months of regulatory and transaction preparation.

Evernorth filed its Form S-4 registration statement with the US Securities and Exchange Commission in March. The registration statement was declared effective in August, leaving shareholder approval as one of the key remaining steps before the proposed Nasdaq listing.

With the shareholder vote completed, the companies are targeting an Oct. 7 closing date. Trading under the XRPN ticker is expected to begin Oct. 8, subject to the completion of remaining conditions.

Transaction Raises About $300M in Gross Cash

The business combination is expected to provide Evernorth with approximately $300 million in gross cash proceeds.

That amount includes $225 million from related private placements, $30 million in convertible note financing and approximately $48 million held in Armada Acquisition Corp. II’s trust.

Investors have also contributed XRP directly to the transaction, supporting the company’s planned digital asset treasury at closing.

The broader transaction has attracted more than $1 billion in capital commitments and XRP contributions, according to the shareholder announcement.

XRP Treasury Strategy Enters Public Markets

Evernorth’s planned Nasdaq debut comes as digital asset treasury companies continue developing structures designed to give public-market investors exposure to cryptocurrency holdings through corporate shares.

Unlike diversified businesses that hold digital assets as one component of their balance sheets, Evernorth is positioning XRP as the central asset of its treasury strategy.

The company’s public listing would therefore provide investors with exposure to both the underlying XRP holdings and the corporate structure through which those assets are managed.

Outlook

Evernorth’s shareholder approval removes a significant procedural hurdle ahead of its planned Nasdaq debut. If the transaction closes as scheduled, XRPN is expected to begin trading Oct. 8, with approximately 473 million XRP forming the foundation of the company’s treasury.

The listing will provide a new publicly traded vehicle centered specifically on XRP holdings, while the company’s ability to execute its treasury strategy will depend on its final capital structure, XRP market conditions and the management of its digital asset reserves.