XRP Treasury Company Evernorth's SPAC Merger Approved by Shareholders, Expected to List on Nasdaq as XRPN on October 8

PANews reported on October 1 that Evernorth Holdings and Armada Acquisition Corp. II (Nasdaq: XRPN) announced that Armada II shareholders approved the business combination between the two parties at a special general meeting on September 30. The transaction is expected to raise approximately $300 million in total gross cash proceeds; investors also contributed XRP in kind, and at closing Evernorth is expected to hold approximately 473 million XRP, positioning it to become the largest publicly traded pure-play XRP treasury company. The merger is expected to be completed on October 7, and the combined company's Class A common stock is expected to begin trading on Nasdaq under the ticker symbol XRPN on October 8. The announcement stated that the transaction and related private placements have raised over $1 billion; investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR, among others.