XRP Is Coming to Nasdaq: Evernorth Clears Key Vote With 473M Treasury
Evernorth’s merger with Armada Acquisition Corp. II received shareholder approval on Wednesday, placing its 473 million XRP treasury on target for a Nasdaq itemizing.
The vote passed with about 20.5 million shares in favor and 1.4 million in opposition to, in accordance to 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 firm’s shares ought to begin buying and selling the subsequent day beneath XRPN, the ticker the SPAC already makes use of.
Over $1 Billion Raised
The agency mentioned the deal and its personal placements have raised greater than $1 billion, the full it first put on the merger in October 2025. Investors contributed a part of that complete as XRP, which the discharge doesn’t worth in {dollars}.
Evernorth’s launch places about $300 million of the full in gross money. Private placements provide $225 million of that money. Another $30 million comes from convertible notes the corporate agreed to promote in September.
Advance funding traders supplied $214 million of the personal placement cash, in accordance to the proxy assertion. Evernorth spent it in late 2025 on 84.4 million XRP, at a mean of $2.54 per token. Those 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 file 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 alternate these tokens for Evernorth shares at closing. It has agreed to vote the shares as RippleWorks directs. Ripple co-founder and Executive 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 additional 50 million comes from the Larsen Lam Children’s Remainder Trust.
Books Carry XRP Below Cost
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 value and writes it down to the bottom intraday worth seen because it acquired every lot. The written-down worth isn’t adjusted upward when the value recovers.
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