Evernorth completes Armada merger with 473 million XRP
Evernorth completed its business combination with Armada Acquisition Corp. II, reporting approximately 473 million XRP and 300 million dollars in gross cash proceeds. The digital-asset treasury company expects Nasdaq trading under XRPN to begin on 12 October. Its plans combine treasury holdings with institutional and decentralized-finance activities, while the cash total remains before transaction expenses.
Economics & Markets··Evening
Evernorth completes its public-market combination
Evernorth Holdings, a US company managing a digital-asset treasury, announced on 9 October that it had completed its business combination with Armada Acquisition Corp. II. Armada was a special purpose acquisition company formed to combine with an operating business. Evernorth reported approximately 473 million XRP and approximately 300 million dollars in gross cash proceeds. The cash figure is measured before transaction expenses; XRP is the digital asset held in its treasury.[1], [2]
Nasdaq trading is planned for 12 October
The company expects its common shares to begin trading on Nasdaq under XRPN on 12 October. It also announced an opening bell ceremony for 14 October. Founder and chief executive Asheesh Birla presented the completed transaction as a step toward expanding institutional access to XRP. The combination brings the treasury and the company’s planned activities into a public-company structure before the expected start of share trading.[1]
The treasury plan includes lending and liquidity
Evernorth plans to use its holdings in institutional and decentralized finance, including lending, liquidity provision and yield generation. Decentralized finance uses applications on blockchain networks to carry out financial transactions. Increasing XRP per share is a company objective. Investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. The company’s risk disclosure covers XRP price volatility, changes in regulation, strategy execution and public-listing costs.[1]
