Evernorth completes merger with 473m XRP ahead of Nasdaq debut

Evernorth has completed its merger with Armada Acquisition Corp. II, holding approximately 473 million XRP and raising about $300 million in gross cash proceeds ahead of its expected Oct. 12 Nasdaq trading debut. Summary 473 million XRP formed Evernorth’s treasury at closing, alongside approximately $300 million in gross cash proceeds. XRPN shares are expected to begin Nasdaq trading on Oct. 12 following the completed merger. Evernorth plans to deploy capital into XRP infrastructure and pursue strategies to increase XRP per share. Armada shareholders approved the transaction on Sep. 30, before an administrative delay changed the listing schedule. Evernorth announced on Oct. 9 that it had closed the business combination, bringing its XRP treasury and related investment plans into a public-company structure. The company said the approximately $300 million cash figure was measured before transaction expenses, with capital supplied by institutional and digital-asset investors. According to the announcement, its backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. Armada, the merger partner, was a special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP. Evernorth closes merger after Nasdaq timetable changes In its closing filing, Evernorth confirmed that the transaction was completed under the business combination agreement signed on Oct. 19, 2025, and amended on Aug. 12, 2026. The agreement involved Evernorth, Pathfinder Digital Assets, Ripple, Armada, and two merger subsidiaries. Under the transaction mechanics described in the Form 8-K, Pathfinder and the former Armada entity became wholly owned subsidiaries of Evernorth. The filing also records Armada’s move from the Cayman Islands to Delaware on Oct. 8, when it adopted the name Arrington Capital SPAC I Inc. You might also like: Evernorth pushes XRPN Nasdaq trading debut to Oct. 12 The closing followed Armada shareholders’ approval at their Sep. 30 extraordinary general meeting, according to the company’s disclosures. Evernorth had initially scheduled the merger closing for Oct. 7 and the start of Nasdaq trading for Oct. 8. As crypto.news reported on Oct. 7, the company delayed its Nasdaq debut after an administrative issue changed the schedule. In its Oct. 6 update, Evernorth said the issue was not expected to prevent completion and set Oct. 9 as the revised closing date. With the merger now completed, the closing announcement retains Oct. 12 as the expected first trading day for Evernorth common stock under XRPN. The company also expects its leadership, investors and XRP ecosystem participants to attend a Nasdaq closing-bell ceremony on Oct. 14. XRP treasury combines purchases and contributed tokens Evernorth’s closing announcement places its holdings at approximately 473 million XRP. Earlier transaction documents show that the treasury was assembled through several routes, including cash purchases and contributions from parties supporting the merger. A Sep.