Evernorth shareholders approve XRP treasury merger

• Evernorth shareholders approved the business combination with Armada Acquisition Corp. II on September 30.
• The transaction is expected to raise about $300 million in gross cash proceeds.
• Evernorth expects to hold about 473 million XRP at closing and trade under XRPN.

Armada Acquisition Corp. II shareholders approved the business combination with Evernorth Holdings Inc. on September 30.

The transaction is expected to close on October 7, subject to remaining conditions, with Nasdaq trading planned for October 8.

“Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy,” Evernorth Founder and CEO Asheesh Birla said in a statement.

The transaction is expected to raise about $300 million in gross cash proceeds before transaction expenses.

Investors have also contributed XRP directly, with Evernorth expecting about 473 million XRP (XRP) at closing.

Evernorth intends to grow its XRP per share through yield strategies, ecosystem participation and capital markets activities.

The company says investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.

Following the update, XRP was trading down 0.1% at $1.49.