Evernorth shareholders approved its merger with Armada II, advancing its $1.1 billion raise ahead of a Nasdaq debut as XRPN in October. 8.Index
XRP News
All Funders Remain Committed to the Deal
Nasdaq Listing Set for October 8
XRP News
Shareholders of Armada Acquisition Corp. II approved a business combination with Evernorth Holdings at a special general meeting held on September 30.
The deal clears a major hurdle in creating a publicly traded company built around XRP holdings.
The transaction and related private placements raised more than $1 billion. Of that total, approximately $300 million is expected gross cash proceeds, comprising $225 million from related private placements, $30 million in incremental convertible note financing, and approximately $48 million held in Armada II’s trust account, before transaction expenses.
All Backers Remain Committed to the Deal
Investors also contributed XRP directly to the company. At closing, Evernorth expects to hold approximately 473 million XRP. This would make it the largest publicly traded company focused solely on holding the token.
Investor support for the transaction remained firm throughout the process. Both early and late backers are participating in full, with 100% of each group committing capital.
Evernorth founder and CEO Asheesh Birla said that going public will give investors a regulated and transparent way to gain exposure to XRP. He added that the listing allows shareholders to participate in the growth of the broader blockchain economy.
Armada II is a Nasdaq-listed special purpose acquisition company. Its trust account held investor funds until shareholders approved the deal, a step that has now been completed.
Nasdaq Listing Set for October 8
The business combination is expected to close on October 7. This timeline is subject to the satisfaction or waiver of the remaining closing conditions related to the deal.
Once the merger is completed, the combined company will operate under the name Evernorth Holdings, Inc. Its Class A common stock is expected to begin trading on Nasdaq under the symbol "XRPN" on October 8.#Xrp🔥🔥 #XRPPredictions #XRPGoal $XRP
