Evernorth Closes SPAC Merger, Targets Nasdaq Debut for XRP Treasury Stock on Oct. 12

Evernorth, an XRP-focused treasury company, said it has completed its business combination with Armada Acquisition Corp. II, clearing the last major step toward a Nasdaq listing. The company expects to enter the public markets with about 473 million XRP on its balance sheet and roughly $300 million in gross cash proceeds. The transaction also follows a shareholder vote in which about 20.5 million Armada shares backed the merger, versus roughly 1.4 million opposed. Evernorth previously said the deal and related private placements raised more than $1 billion. Investors cited in prior disclosures include Ripple, SBI Group, Panter Capital, GSR, and Arrington Capital. "Our conviction in XRP has always been rooted in the belief that the ecosystem would continue to mature, attracting serious builders and capital. Our support for Evernorth is a natural extension of that thesis. It brings scaled capital, active participation, and the standards of a public company, playing a critical role in the institutional development of this infrastructure," said Michael Arrington, founder of Arrington Capital. The timetable has shifted from earlier guidance. Evernorth had anticipated closing on Oct. 7 and beginning trading the next day. It now expects its Nasdaq debut on Monday, Oct. 12, and said management plans to ring the closing bell on Oct. 14. Evernorth is positioning itself as an actively managed XRP treasury rather than a passive holder. CEO Asheesh Birla said the company plans to deploy capital across the XRP economy and pursue strategies aimed at increasing XRP per share over time, including institutional and DeFi yield strategies, ecosystem infrastructure, on-chain credit markets, and other capital-markets activities. The company said this model differentiates its expected ticker, XRPN, from vehicles designed primarily to track the token's price.