Evernorth is set to become a publicly traded company focused on XRP treasury management following a successful shareholder vote by the blank-check firm Armada Acquisition Corp. II. The business combination is scheduled to close on October 7, with shares expected to begin trading on the Nasdaq under the ticker XRPN on the following day.
Upon closing, the company anticipates holding approximately 473 million XRP tokens. Based on a market price of $1.50 per token, the treasury is valued at roughly $710 million. Evernorth aims to increase its holdings per share through participation in the XRP ecosystem, capital market activities, and various yield-generating strategies.
The transaction is projected to generate $300 million in gross cash proceeds. This total includes $225 million from private placements, $30 million in convertible note financing, and approximately $48 million from the trust of Armada II. Additionally, investors have contributed XRP directly to the deal.
The company's investor base includes Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. The listing follows a regulatory process that began with a Form S-4 filing in March and received effectiveness from the US Securities and Exchange Commission in August.
The move to the Nasdaq reflects a broader trend of crypto-related firms utilizing SPAC mergers to enter US public markets. Other recent examples include Securitize, which listed on the New York Stock Exchange in July, and CoinShares, which debuted on the Nasdaq in April following a $1.2 billion merger.
