Evernorth is moving closer to a public-market debut after shareholders of Armada Acquisition Corp. II approved the companies’ proposed business combination on September 30, 2026.

The transaction is expected to close on October 7, with the resulting company planning to list its Class A common stock on Nasdaq under the XRPN ticker on October 8. Evernorth estimates that it will hold approximately 473 million XRP at closing.

The shareholder vote satisfies a key condition of the deal, but the transaction still requires the remaining closing conditions to be satisfied or waived. Evernorth and Armada II disclosed the status in an October 1 announcement.

The combination is expected to deliver around $300 million in gross cash proceeds before transaction costs. Evernorth estimates that its XRP treasury will stand at about 473 million tokens following the closing. The company has said that such a balance would make it the largest publicly traded pure-play XRP treasury company, although that status depends on the completion of the transaction.

Evernorth said all advanced and delayed funders remain involved in the deal. The investor group named by the company includes Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.

XRPN Provides Equity Exposure to XRP Treasury

Evernorth is being structured as a publicly traded digital asset treasury company through which investors can gain economic exposure to XRP. Rather than purchasing XRP directly, shareholders would own equity in the combined company.

The company plans to pursue strategies aimed at increasing XRP per share, including yield-related activities, XRP Ledger ecosystem participation, and capital markets transactions. At the same time, the dollar value of its expected 473 million XRP holdings will fluctuate with the market price of XRP.

Evernorth CEO and founder Asheesh Birla said the planned listing would provide a regulated and transparent avenue for investors seeking exposure to XRP and the broader blockchain economy.

Armada II is a Nasdaq-listed special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP. Deal disclosures identify risks that include XRP price volatility, shareholder redemptions, regulatory changes, Nasdaq listing requirements, and the company’s ability to execute its treasury strategy.

The SEC’s effectiveness of the registration statement allowed the transaction to proceed through the next stage. The announcement also states that the SEC did not approve or disapprove the transaction’s merits or fairness.

Evernorth’s strategy will ultimately depend on execution rather than the size of its initial XRP holdings. While developments such as lending governance on the XRP Ledger point to expanding activity across the network, they do not establish that Evernorth will generate yield or increase XRP per share.

The next milestone is the planned October 7 closing. If the remaining conditions are met or waived, the combined company is expected to operate as Evernorth Holdings, Inc., with its Class A common stock scheduled to begin Nasdaq trading under XRPN on October 8.

The proposed dates are not guarantees that the transaction will close or trading will begin as scheduled. The companies have identified potential risks involving closing conditions, financing, Nasdaq compliance, shareholder redemptions, XRP price movements, and regulatory developments.

The September 30 shareholder approval moves the transaction forward, leaving the October 7 closing and October 8 Nasdaq debut as the next major milestones for Evernorth’s planned XRP treasury listing.