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[BUSINESS] · United States · 3 sources

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Part of situation: Evernorth Nasdaq debut delayed amid XRPN stock plunge (14 clusters)

Evernorth to list on Nasdaq as XRP treasury following merger approval

Evernorth XRP Nasdaq listing Armada Acquisition Corp. II crypto treasury

Evernorth is set to become a publicly traded XRP treasury following the approval of its business combination with Armada Acquisition Corp. II. Shareholders voted in favor of the merger on September 30, with the transaction expected to close on October 7. Upon closing, the combined company is scheduled to begin trading on Nasdaq under the ticker XRPN on October 8.

Evernorth aims to hold up to 473 million XRP on its balance sheet, potentially making it the largest publicly traded XRP treasury. Unlike passive treasuries, the company intends to actively participate on the XRP Ledger to accumulate XRP through yield strategies and other capital market activities.

While the company expects approximately $300 million in gross cash proceeds, analysts note that actual buying power for new acquisitions may be closer to $88.5 million. This figure accounts for disclosed delayed subscriptions, conditional notes, and expected trust proceeds, after accounting for cash already converted into tokens and other transaction expenses.

Entities

Armada Acquisition Corp. II · Evernorth · Nasdaq · SEC · XRP Ledger

Claims

What the coverage asserts, and how many sources carry each claim.

  • [DISPUTED] Shareholders approved the business combination between Evernorth and Armada Acquisition Corp. II on September 30. cryptoslate.com · u.today
  • [○ 1 SOURCE] Evernorth expects to hold up to 473 million XRP on its balance sheet after the transaction closes. u.today
  • [○ 1 SOURCE] Evernorth plans to participate on the XRP Ledger to accumulate XRP through yield strategies and capital market activities.
  • [○ 1 SOURCE] Available gross cash sources for future token buying are estimated at approximately $88.5 million, excluding previously converted tokens. cryptoslate.com
  • [● 2 SOURCES] The combined company is expected to begin trading on Nasdaq under the ticker XRPN on October 8. cryptoslate.com · u.today
  • [● 2 SOURCES] The transaction is expected to close on October 7. cryptoslate.com · u.today

Sources

XRPN Skyrockets While XRP Nosedives. What's Happening? [timestabloid.com]
Evernorth's Nasdaq XRP treasury is approved, but its real buying power isn't the $300 million expected [cryptoslate.com]
Evernorth's XRP ETF Nasdaq Listing Scheduled for October Date - U. Today [u.today]