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Evernorth to list on Nasdaq as XRP treasury after merger approval

The merger is expected to close Oct. 7, with Class A shares starting trading Oct. 8 under the ticker XRPN.

Reported · Written up by our desk · Market Structure

Evernorth, an XRP-focused treasury company, cleared its final major step toward going public after shareholders of its blank-check partner Armada Acquisition Corp. II approved the business combination at a meeting Sept. 30, Decrypt reported.

The deal is expected to close Oct. 7, and Evernorth’s Class A common stock is slated to begin trading Oct. 8 on the Nasdaq under the ticker “XRPN,” after the merger and related fundraising raised more than $1 billion.

Evernorth said the transaction is expected to generate roughly $300 million in gross cash proceeds, including $225 million from private placements, $30 million in convertible note financing and about $48 million in trust proceeds, before expenses.

At closing, the company expects to hold about 473 million XRP, which it said would make it the “largest publicly traded pure-play” XRP treasury company, with 100% of committed funders participating.

Latest closeXRP $1.525 ▲2.4%|Nasdaq Comp. 26,861.06 ▲0.2%

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