Shareholders Approve Evernorth Business Combination; Transaction and Related Private Placements Have Raised Over $1 Billion; Nasdaq Trading Under "XRPN" Expected to Begin on October 8
Armada Acquisition Corp. II shareholders approved the business combination with Evernorth Holdings at the September 30, 2026 extraordinary general meeting. The transaction and related private placements have raised over $1 billion, including approximately $300 million in gross cash proceeds, and investors contributed XRP in kind — at closing Evernorth is expected to hold roughly 473 million XRP, making it the largest publicly traded pure-play XRP treasury company. The deal is expected to close October 7, 2026, with Nasdaq trading under the ticker "XRPN" beginning October 8.
Key figures
- Deal Value Usd
- $1 billion
- Xrp held
- approximately 473 million XRP
- Trust proceeds
- $48 million
- Private placements
- $225 million
- Gross cash proceeds
- $300 million
- Convertible note financing
- $30 million
AI analysis
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