Evernorth expects to raise $300M after Armada merger approval

Armada: Armada Acquisition Corp. II is a Cayman Islands special purpose acquisition company focused on merging with Evernorth Holdings to take the XRP treasury business public. Its shareholders approved the business combination on September 30, 2026, clearing a key step toward closing the deal. The SPAC structure facilitates the transition and listing under the XRPN ticker. Ripple: Ripple Labs Inc. develops blockchain-based payments and infrastructure solutions using the XRP Ledger. It participates in the Evernorth transaction by contributing XRP as part of the business combination agreement with Armada and Evernorth. This involvement supports the creation of a public XRP treasury company. Evernorth: Evernorth Holdings Inc. is forming as a publicly traded XRP treasury company via a business combination with a SPAC. It involves contributions from Ripple Labs Inc. and other investors to build holdings in the XRP Ledger ecosystem. Shareholder approval of its merger with Armada positions the entity for a Nasdaq listing as a vehicle offering regulated exposure to XRP. Merger Approval: Armada Acquisition Corp. II shareholders approved the business combination with Evernorth on September 30, 2026. Public Listing Plans: The combined company expects to begin trading on Nasdaq under the XRPN ticker shortly after closing in early October 2026. XRP Treasury Structure: Evernorth is designed as a pure-play XRP treasury vehicle with contributions from Ripple Labs Inc. and other participants in the deal.