Evernorth and Armada Acquisition Corp. II seek merger and Nasdaq listing

Shareholders of Armada Acquisition Corp. II are scheduled to vote on September 30 regarding a proposed merger with Evernorth Holdings, a treasury company focused on XRP. If approved and Nasdaq listing requirements are met, the combined entity is expected to trade under the ticker XRPN.

Evernorth aims to use its treasury for yield strategies and ecosystem participation to increase the amount of XRP represented per share. The company is supported by investors including Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR. While Ripple is an investor, Evernorth operates as a separate entity.

The merger's future capital for XRP purchases depends on shareholder redemption decisions. Shareholders have until September 28 to request redemption of their public shares. High redemption rates could reduce the cash available in Armada’s trust, which held approximately $241.9 million as of August 20, potentially limiting Evernorth’s ability to acquire additional XRP following the transaction's close.