Ripple-Backed XRP Treasury Evernorth Wins Shareholder Vote, Heads to Nasdaq Next Week
By Unchained
AI summary of the source article
Shareholders of Armada Acquisition Corp. II have approved a business combination with Ripple-backed XRP treasury company Evernorth, paving the way for a Nasdaq listing under the ticker XRPN on Oct. 8. The transaction and associated private placements have raised over $1 billion. Upon closing, expected on Oct. 7, the company anticipates holding approximately $300 million in cash before expenses and around 473 million XRP. Led by former Ripple executive Asheesh Birla, Evernorth aims to provide investors with regulated XRP exposure and generate yield through lending, market liquidity, and DeFi.
Why it matters
According to CEO Asheesh Birla, going public provides investors with a regulated and transparent vehicle to gain XRP exposure and participate in the blockchain economy.
Key facts
- Armada Acquisition Corp. II shareholders approved the merger with roughly 20.5 million votes in favor and 1.4 million against.
- Evernorth expects to hold approximately 473 million XRP and about $300 million in cash before expenses at closing.
- The combined entity plans to trade on Nasdaq under the ticker XRPN starting Oct. 8.