SPAC Transaction Closes With Strong Backing

Evernorth has completed its business combination with Armada Acquisition Corp. II on October 9, establishing a publicly traded vehicle centered on XRP holdings. The deal incorporates roughly 473 million XRP and $300 million in cash into the structure, providing a Nasdaq-listed option for investors interested in XRP-focused exposure.

The combined entity is set to begin trading under the ticker XRPN on October 12, marking the transition to full public-market status following the SPAC process.

Ripple-Backed Company Enters Nasdaq

The Ripple-backed firm brings significant XRP assets into the transaction and raised about $300 million in cash prior to transaction fees. This creates a vehicle aimed at holding and potentially expanding XRP positions through ecosystem investments.

Trading is expected to commence Monday under XRPN, giving the public direct access to the combined company's XRP treasury and related strategies.

Capital Deployment and Investor Profile

Evernorth plans to deploy funds into XRP infrastructure and applications while exploring institutional and decentralized finance yield strategies to grow its XRP holdings per share. The SPAC attracted participation from key institutional and crypto-focused investors, including Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR.

Shareholder approval on the Armada side supported the merger, with a wide margin in the vote. The overall transaction involved more than $1 billion in raised funds, including private placements, positioning the entity for operations centered on XRP.