Armada II Shareholders Approve Evernorth Merger; XRP Listing Expected on Nasdaq
On September 30, 2026, Armada Acquisition Corp. II shareholders approved the business combination with Evernorth Holdings, Inc., marking a significant step toward listing as a publicly traded company focused on holding and managing XRP digital assets. The transaction is expected to raise approximately $300 million in gross cash proceeds through private placements, convertible notes, trust proceeds, and investor contributions of XRP in kind. At closing, Evernorth will hold around 473 million XRP tokens, positioning it as the largest publicly traded pure-play XRP treasury company. The merger is expected to close on October 7, 2026, with trading under the ticker symbol "XRPN" beginning on Nasdaq on October 8. Investor support has been strong, with all advanced and delayed funders participating in the transaction. Evernorth aims to provide a regulated and transparent vehicle for investors seeking exposure to XRP through yield strategies, ecosystem participation, and capital markets activities. The company is backed by major institutional investors including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
