Evernorth’s merger with Armada Acquisition Corp. II received shareholder approval on Wednesday, placing its 473 million XRP treasury on track for a Nasdaq itemizing.
The vote handed with about 20.5 million shares in favor and 1.4 million towards, based on Armada II’s submitting on Thursday. It got here 5 weeks after the SEC declared Evernorth’s registration assertion efficient on August 27.
Evernorth expects the deal to shut on October 7. The corporate’s shares ought to begin buying and selling the subsequent day underneath XRPN, the ticker the SPAC already makes use of.
Over $1 Billion Raised
The agency stated the deal and its non-public placements have raised greater than $1 billion, the whole it first placed on the merger in October 2025. Traders contributed a part of that whole as XRP, which the discharge doesn’t worth in {dollars}.
Evernorth’s launch places about $300 million of the whole in gross money. Personal placements provide $225 million of that money. One other $30 million comes from convertible notes the corporate agreed to promote in September.
Advance funding buyers supplied $214 million of the non-public placement cash, based on the proxy assertion. Evernorth spent it in late 2025 on 84.4 million XRP, at a mean of $2.54 per token. These tokens are already a part of its holdings.
The SPAC’s belief provides about $48 million of money. That belief held about $241.9 million on the August 20 report date. Public shareholders might redeem their shares from the belief at an estimated $10.52 every till September 28. Neither Thursday’s launch nor the vote submitting says what number of shareholders did.
RippleWorks equipped the biggest block of Evernorth’s XRP, 211.3 million tokens, by investing them within the SPAC’s sponsor, Arrington XRP Capital Fund. The sponsor should trade these tokens for Evernorth shares at closing. It has agreed to vote the shares as RippleWorks directs. Ripple co-founder and Government Chairman Chris Larsen co-founded RippleWorks and sits on its board.
Ripple itself contributed 126.8 million XRP when the merger settlement was signed. An extra 50 million comes from the Larsen Lam Youngsters’s The rest Belief.
Books Carry XRP Under Value
Evernorth Holdings’ monetary statements within the proxy put the price of 346.3 million of its XRP at $846.6 million. By June 30, 2026, the corporate carried these tokens at $348.8 million. It recorded impairment costs of $233.7 million in 2025 and $264.1 million within the first half of 2026.
Evernorth books XRP at price and writes it all the way down to the bottom intraday worth seen because it acquired every lot. The written-down worth is just not adjusted upward when the value recovers.
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