Shareholders of SPAC Armada Acquisition Corp. II have approved the merger with Evernorth; the deal is expected to close on October 7, with shares of the combined company set to begin trading on Nasdaq under the ticker XRPN the following day. At closing, Evernorth expects to hold approximately 473 million XRP (about $710 million at current prices).

S-4 Registration with SEC Became Effective in August

Shareholder approval was a key step after Evernorth filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission in March, which became effective in August. Final closing conditions remained ahead of the Nasdaq listing.

Deal Structure: About $300 Million in Cash

The transaction is expected to raise approximately $300 million in gross cash proceeds: $225 million through related private placements, $30 million in convertible notes, and about $48 million from the Armada II trust. In addition, investors contributed XRP directly to the deal.

Investors and XRP Treasury Growth Strategy

Evernorth's investors include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. The company plans to increase XRP per share through yield strategies, participation in the XRP ecosystem, and capital markets operations.

Crypto SPACs: Mixed Results in 2026

Evernorth's listing plans come amid varied outcomes for crypto companies entering U.S. markets via SPACs. Securitize began trading on the New York Stock Exchange in July after merging with Cantor Equity Partners II, and CoinShares debuted on Nasdaq in April following a $1.2 billion deal with Vine Hill Capital Investment Corp. Meanwhile, Ether Machine in April withdrew from its merger with Dynamix and abandoned plans to launch a $1.5 billion Ethereum yield fund. In July, Adam Back's Bitcoin Standard Treasury Company and Cantor Equity Partners I revised their deal terms and postponed the shareholder vote indefinitely.