Evernorth to debut on Nasdaq under ticker XRPN

Evernorth has completed its merger with Armada Acquisition Corp. II, paving the way for a Nasdaq debut on Monday, October 12, under the ticker symbol XRPN. The company is structured as a digital asset treasury focused on the XRP Ledger ecosystem.

The merger includes approximately 473 million XRP and generated roughly $300 million in gross cash proceeds. Evernorth’s capital structure was supported by private placements, convertible notes, and the SPAC’s trust account. CEO Asheesh Birla, a former Ripple executive, stated that the company aims to contribute to the XRP Ledger ecosystem by allocating capital and providing liquidity support.

While the listing provides public-market investors with indirect access to an XRP-focused treasury, the XRP token has faced market pressure recently, trading between $1.40 and $1.41 as of October 10.