Evernorth Holdings, a company backed by Ripple, is preparing for its Nasdaq debut following approval from Armada Acquisition Corp. II shareholders. The business combination is scheduled to close on October 7, with trading of the new entity under the ticker XRPN expected to commence on October 8.
The transaction is projected to raise approximately $300 million in gross cash proceeds. This total includes $225 million from private placements, $30 million in convertible note financing, and about $48 million from trust proceeds. Additionally, investors have contributed XRP directly to the deal.
Upon closing, Evernorth anticipates holding approximately 473 million XRP, valued at $705 million at current market prices. The company counts Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR among its investors. The listing aims to offer a regulated avenue for XRP exposure.
The company intends to increase its XRP holdings per share by utilizing yield strategies, engaging with the XRP ecosystem, and participating in capital markets. This public listing positions Evernorth as the largest publicly traded company focused exclusively on an XRP treasury.
