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Ahmed Barakat
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Armada Acquisition Corp. II shareholders approved the proposed business combination with Evernorth at a September 30, 2026, extraordinary meeting, clearing a major hurdle for the planned public listing. The news is awaiting a deal expected to close on October 7, with Nasdaq trading under XRPN expected to begin on October 8; Evernorth expects to hold approximately 473 million XRP at closing.
The shareholder vote removes a central transaction condition. The October 1 announcement from Evernorth and Armada II says the business combination remains subject to satisfaction or waiver of its remaining closing conditions.
The approximately $300 million figure refers to gross cash proceeds before transaction expenses. At closing, Evernorth expects to hold approximately 473 million XRP. The company says that the balance would make it the largest publicly traded pure-play XRP treasury company, but both the holding and that market position remain prospective until the transaction closes.
Evernorth says 100% of advanced and delayed funders are participating. Its named investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. The company’s planned public-market structure also sits within a broader ecosystem where institutional financial infrastructure is developing on the XRP Ledger.
Asheesh Birla, Evernorth’s founder and CEO, framed the public listing as a market-based route to XRP exposure. “Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy,” Birla said.
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XRPN Would Offer Equity Exposure
Evernorth is intended to become a publicly traded digital asset treasury offering exposure to XRP through a structure the company describes as regulated, liquid, and transparent. Its stated plan is to pursue strategies aimed at growing XRP per share through yield strategies, ecosystem participation, and capital markets activity.
XRPN shares would represent equity in the combined company rather than direct ownership of XRP. The expected 473 million XRP balance would also move in dollar terms as XRP’s market price changes; XRP supply dynamics are one factor investors may track when assessing the treasury’s market exposure.
Armada II is a Nasdaq-listed special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP. The companies’ announcement also flags risks around XRP volatility, shareholder redemptions, regulatory changes, meeting listing standards, and Evernorth’s ability to execute its treasury strategies.
The SEC’s effectiveness in reviewing the registration statement enabled the transaction process to proceed; the release says the SEC did not approve or disapprove the deal’s merits or fairness.
The ecosystem strategy is also contingent on execution, not just treasury size. Developments such as XRPL lending governance provide context for activity around the network, but do not establish that Evernorth will generate yield or increase XRP per share.
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XRP Awaits News on Conditional October Listing Dates
The next stated milestone is the expected October 7 closing, subject to the remaining conditions being satisfied or waived. If the transaction closes, the combined company is expected to operate as Evernorth Holdings, Inc., with its Class A common stock planned to begin trading on Nasdaq under XRPN on October 8.
Those dates are targets, not completed events. The company’s risk disclosures include the possibility that closing conditions or financing are not completed, that the combined company fails to meet Nasdaq listing standards, that redemptions affect the public float, or that XRP price moves and regulatory changes alter the economics of the treasury.
The shareholder vote advances the transaction; the closing and first trading sessions’ news will determine whether the planned XRP treasury reaches public markets on schedule.
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