XRP treasury firm Evernorth completes deal to list under XRPN

Evernorth Completes Deal to List Under XRPN on Nasdaq

Overview

Evernorth completed its merger with Armada Acquisition Corp. II on Friday, entering the public markets with approximately 473 million XRP and approximately $300 million in gross cash proceeds before transaction expenses.

Company Strategy

The XRP treasury company expects its common stock to begin trading on Nasdaq on October 12 under the ticker XRPN. Armada is a special purpose acquisition company sponsored by Arrington XRP Capital Fund. Evernorth intends to actively deploy capital across the XRP economy, support infrastructure and new use cases, and pursue strategies designed to grow XRP per share over time.

Investors and Partners

The company’s investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.

Closing and Listing

The closing follows Armada shareholders’ approval of the business combination on September 30. An October 1 announcement had anticipated trading would begin on October 8. Friday’s release sets the expected debut for October 12. Arrington Capital founder Michael Arrington said Evernorth brings substantial capital and public company standards to the institutional development of the XRP ecosystem. Evernorth expects to ring the Nasdaq closing bell on October 14, with company leadership, investors and members of the XRP ecosystem attending.

Market Impact

XRP was last trading near $1.39 at press time, up roughly 1% on the day, though it remained under pressure as Bitcoin consolidated near $83,000.