Evernorth shareholders approve merger; Nasdaq listing set for October 8 under XRPN

Shareholders of Armada Acquisition Corp. II voted on September 30 to approve the merger with Evernorth, a Ripple-backed treasury company structured to hold and manage XRP on behalf of public shareholders. The deal closed the shareholder approval phase with 100 percent participation from committed funders. The merger and related fundraising generated more than 1 billion dollars in total funding. The transaction itself delivered roughly 300 million dollars in gross cash proceeds, comprised of 225 million dollars from private placements, 30 million dollars in convertible note financing, and about 48 million dollars in trust proceeds before expenses. Evernorth expects to hold approximately 473 million XRP at closing, making it the largest publicly traded pure-play XRP treasury company by its own assessment. The deal is expected to close on October 7, with Evernorth's Class A common stock scheduled to begin trading on Nasdaq on October 8 under the ticker XRPN. The SEC's review concluded in late August when Evernorth's registration statement took effect. Evernorth is backed by Ripple, Pantera Capital, Kraken, SBI Group, GSR, and Arrington Capital. The company's stated strategy is to grow its XRP per share over time through yield strategies, ecosystem participation, and capital-markets activity. That approach positions Evernorth differently from passive spot ETFs, which are required to hold coins without active trading or strategy deployment. Instead, Evernorth intends to deploy its 473 million XRP across DeFi protocols and arbitrage opportunities on the XRP Ledger ecosystem to compound the asset base. The structure carries risks inherent to single-asset treasury companies: the value of shares will track XRP's price movements. Additionally, the active management approach introduces operational and execution risk absent from passive custody vehicles. The company will also face constraints on liquidity when deploying such a large XRP position across DeFi protocols.