XRP treasury company Evernorth and SPAC merger approved by shareholders, expected to land on Nasdaq with XRPN on October 8

PANews October 1, Evernorth Holdings and Armada Acquisition Corp. II (NASDAQ: XRPN) announced that Armada II shareholders had approved the merger of the businesses at the Extraordinary General Meeting on September 30. The transaction is expected to raise approximately $300 million in total cash proceeds; investors also contributed XRP in kind, and Evernorth is expected to hold approximately 473 million XRP at closing, which is expected to become the largest publicly traded pure-play XRP treasury company. The merger is expected to close on October 7, and the combined company's Class A common stock is expected to trade on the Nasdaq under the ticker symbol XRPN from October 8.

PANews reported on October 1 that Evernorth Holdings and Armada Acquisition Corp. II (Nasdaq: XRPN) announced that Armada II shareholders have approved the business combination of the two parties at the special shareholders meeting on September 30. The transaction is expected to raise approximately US$300 million in total cash proceeds; investors also contribute XRP in kind. Evernorth is expected to hold approximately 473 million XRP at the time of delivery, making it expected to become the largest publicly traded pure XRP treasury company. The merger is expected to be completed on October 7, and the combined company's Class A common stock is expected to trade on Nasdaq under the ticker XRPN starting on October 8. The announcement stated that more than US$1 billion has been raised in transactions and related private placements; investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.