Armada Acquisition Corp. II

Evernorth, a U.S. company that holds XRP as a treasury asset, announced on October 1 that it has received shareholder approval from Armalda Acquisition Corp II for its business combination with the SPAC. The combination is expected to close on October 7, subject to the satisfaction of remaining conditions, and the merged Evernorth is scheduled to begin trading on the Nasdaq market under the ticker "XRPN" the following day, October 8. In this transaction, combining cash and in-kind XRP contributions from investors, the deal size including related private placements is expected to exceed 1 billion dollars. Gross cash proceeds at closing, before transaction expenses, are expected to be approximately 300 million dollars, comprising 225 million dollars from related private placements, 30 million dollars from additional convertible note financing, and approximately 48 million dollars from Armalda's trust account. Including in-kind XRP contributions, Evernorth is expected to hold approximately 473 million XRP at the close of the transaction. As a digital asset treasury company offering exposure to XRP through a publicly listed vehicle, the company has set out a strategy of increasing XRP per share through holding and managing XRP, and founder and CEO Asheesh Birla explained that the listing will provide investors with a regulated and transparent means of gaining exposure to XRP.

Evernorth Holdings, an XRP treasury company backed by Ripple, Kraken, SBI Holdings, Pantera Capital, and Arrington Capital, has moved closer to its Nasdaq debut after the SEC cleared its registration statement. The company, led by former Ripple executive Asheesh Birla, plans to offer liquid, transparent XRP exposure through a publicly listed vehicle. The clearance allows Armada Acquisition Corp. II to convene a shareholder meeting on Sep. 30 to vote on the merger, which is one of the last key milestones before the listing. The business combination is expected to close in late Q3 or early Q4 2026, with shares trading under the ticker "XRPN." XRP was trading at $1.37 at the time of writing.

The U.S. Securities and Exchange Commission has approved Evernorth's Form S-4 registration statement, clearing the main legal hurdle for its merger with special purpose acquisition company Armada Acquisition Corp. II. This approval paves the way for Evernorth to list on Nasdaq under the ticker XRPN, marking a significant milestone for the company.

Evernorth, which holds and manages XRP, announced on August 13 that it has changed the method for calculating the number of shares to be issued to investors participating in a private placement as part of its business combination for a Nasdaq listing. Previously, the number of shares was calculated based on the XRP price of $2.36 used at the time of the agreement, but going forward it will reflect the volume-weighted average price of XRP at the time the transaction closes. As of August 15, XRP was around $1.00, down about 58% from the $2.36 at the time of the agreement, and based on current prices the number of shares issued is expected to be lower than originally planned. This is expected to reduce the dilution of existing shareholders of special purpose acquisition company Armada Acquisition Corp II compared with the original plan, and increase the proportion of XRP treasury per share. Investors representing more than 95% of committed funds have agreed to the new terms, and Armada II's sponsor has also agreed to adjust founder shares at the same ratio as upfront investors. The business combination is expected to be completed between late third quarter and early fourth quarter of 2026, following SEC review and other processes.

XRP treasury company Avenir North filed with the U.S. Securities and Exchange Commission on the 13th to amend its share count ahead of a Nasdaq listing. The number of shares to be issued upon completion of the business combination is expected to be lower than previously planned relative to Avenir North's XRP holdings if XRP continues to trade below the earlier reference price of $2.36, which would increase the amount of XRP backing each share. The company said investors representing more than 95% of committed capital have agreed to the revised terms. Closing is expected in the latter part of the third quarter to the first part of the fourth quarter of 2026, subject to SEC review and customary conditions. Avenir North is currently proceeding with a listing through a merger with special purpose acquisition company Armada Acquisition Corp. II, and XRP's current trading price of around $1 is well below the $2.36 assumed in the original agreement.

Ashish Birla, CEO of Evernorth, a U.S. firm that holds and manages yield on the crypto asset XRP, told NADA NEWS that while institutional investors frequently declined to invest a decade ago, many financial institutions have now significantly changed their stance, with some even setting up dedicated blockchain teams. The company aims to list on Nasdaq through a merger with SPAC Armada Acquisition Corp. II, and Birla explained that the process is nearing its final stages, having just submitted an amended S-4 to the SEC on July 13. He also commented on the dollar-denominated stablecoin RLUSD, which began circulating in Japan in June via SBI VC Trade, expressing the view that utilizing the DEX on the XRP Ledger will make it easier for Japanese users to participate in the on-chain financial ecosystem. Furthermore, tokenized real-world assets on the XRP Ledger have surged 24-fold over the past 12 months to 3.6 billion dollars, and he predicted that within the next five to ten years, the majority of financial markets will be traded on blockchain.