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Evernorth shareholders vote on Nasdaq merger to boost XRP per share

The proposed charter would authorize 7.4 billion Class A shares and other share classes, while the initial deal covers only a portion of that capacity, leaving room for future capital raises tied to the company’s XRP per share target.

Reported · Written up by our desk · Regulation

Evernorth Holdings is set to put a Nasdaq merger proposal to shareholders on Sept. 30, a move that would grant the XRP-focused company authorization for up to 10 billion shares as it pursues growth measured by XRP per share, according to CryptoSlate. The SEC declared Evernorth’s registration statement effective Aug. 27, clearing the way for Armada Acquisition Corp. II shareholders of record as of Aug. 20 to consider the deal. If approved and subject to other closing conditions, the combined company expects to list on Nasdaq under the ticker XRPN. Under the proposed charter, Evernorth would be authorized to issue 7.4 billion Class A shares, 100 million Class B shares, 2.4 billion Class C shares, and 100 million preferred shares. The transaction itself would cover up to about 34.5 million Class A shares and 11.5 million warrants, leaving significant unused issuance capacity after the combination closes. Evernorth plans to enter the public market with more than 473.3 million XRP, and it says it expects to increase the amount attributable to shareholders through capital markets activity, institutional and decentralized finance yield strategies, and participation across the XRP ecosystem. The registration proposal is advisory and non-binding, but the authorization structure matters because any additional share issuance would affect the XRP per share metric the company is targeting.

Latest closeXRP $1.393 ▼4.1%|Nasdaq Comp. 26,402.42 ▼0.5%

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