Evernorth shareholders approve $1 billion XRP treasury deal, clearing path to Nasdaq debut

Armada Acquisition Corp. II shareholders have approved its business combination with Evernorth, clearing a key step for the XRP treasury company to go public on Nasdaq.

The transaction is expected to raise about $300 million in gross cash proceeds, while investors have contributed XRP in kind, leaving Evernorth expected to hold roughly 473 million XRP at closing.

Evernorth joins spot XRP ETFs as a regulated route to XRP exposure. The deal is expected to close Oct. 7, with the combined company set to trade under the ticker XRPN beginning Oct. 8.

"Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," Evernorth CEO Asheesh Birla said in a release. "We're grateful to our shareholders for their support as we complete this important transaction."

Evernorth's investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.

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Evernorth first filed the S-4 registration for the $1 billion SPAC deal back in March. Around the same time its registration became effective in August, Evernorth Chief Business Officer Sagar Shah said a new proposal could give the XRP Ledger native lending functionality while reducing smart contract risks.

Ahead of the in-kind contributions expected at closing, Evernorth currently holds approximately 347 million XRP tokens, according to BitcoinTreasuries data. At current prices, that's worth about $512 million.

XRP (XRP) trades around $1.48 at publication time, giving it a market capitalization north of $93 billion. XRP finished the third quarter more than 40% higher.