Armada SPAC Shareholders Greenlight Evernorth Deal, Paving Way for $710M XRP Treasury Nasdaq Listing
Following its successful SPAC merger completion, Evernorth is preparing for a Nasdaq listing under ticker symbol XRPN, bringing an XRP treasury valued at approximately $710 million based on current market valuations.
Following the approval of shareholders at special purpose acquisition company Armada Acquisition Corp. II, Evernorth is on track to become a publicly listed XRP treasury corporation after the two entities voted to move forward with their business combination proposal.
With the closing date scheduled for Oct. 7, the newly merged entity's stock is anticipated to commence trading on the Nasdaq exchange under ticker symbol XRPN on Oct. 8, contingent upon the satisfaction of all outstanding closing requirements.
This shareholder approval represents a significant milestone following Evernorth's submission of its Form S-4 registration document to the US Securities and Exchange Commission back in March. After the SEC declared the registration statement effective during August, obtaining shareholder consent remained among the final prerequisites before the company could proceed with its Nasdaq debut.
Upon the transaction's completion, Evernorth anticipates maintaining holdings of approximately 473 million XRP tokens, a position the company claims would establish it as the world's largest pure-play publicly listed XRP treasury corporation.
Based on Thursday's public announcement, the business combination is projected to generate approximately $300 million in total gross cash proceeds, composed of $225 million sourced from associated private placement transactions, $30 million obtained through convertible note financing instruments, and approximately $48 million derived from Armada II's trust account. Additionally, certain investors have made direct XRP token contributions to support the transaction.
Based on CoinGecko market data at publication time, XRP was exchanging hands at approximately $1.50 per token, which values Evernorth's anticipated 473 million-token treasury holdings at roughly $710 million in total market value.
The company's investor roster features prominent names including Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital and GSR. Evernorth has outlined strategic plans to expand its XRP holdings on a per-share basis utilizing yield generation strategies, active engagement within the XRP ecosystem, and various capital markets operations.
Crypto treasury SPACs face market headwinds
The forthcoming Nasdaq listing of Evernorth arrives during a period when numerous cryptocurrency-focused enterprises have pursued SPAC merger pathways as a route to accessing United States public equity markets, achieving notably varied results throughout this year.
Following the successful conclusion of its business combination with Cantor Equity Partners II, tokenization platform Securitize launched trading on the New York Stock Exchange this past July, while digital asset manager CoinShares achieved its Nasdaq listing in April subsequent to completing a $1.2 billion merger transaction with Vine Hill Capital Investment Corp.
Nevertheless, cryptocurrency treasury-focused companies have encountered considerable obstacles. Ether Machine abandoned its previously announced merger agreement with Dynamix during April, pointing to adverse market conditions as the reason for terminating plans to establish a $1.5 billion yield-generating Ether fund through the proposed combination.
During July, the Bitcoin Standard Treasury Company led by Adam Back and Cantor Equity Partners I similarly abandoned the initial terms governing their proposed merger transaction and indefinitely delayed their shareholder vote while the parties work to negotiate revised deal terms that would "better reflect market conditions."