Ripple-Backed Evernorth Eyes Nasdaq Debut Under XRPN With 473M XRP Treasury

Ripple-backed Evernorth is set to begin trading on Nasdaq today under XRPN, holding approximately 473 million XRP. The company completed its merger with Armada on October 9, ahead of the planned stock market debut.

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Evernorth Schedules XRPN Trading Following Armada Merger

Today, October 12, the Evernorth shares are set to begin trading on its Global Market. Nasdaq’s official notice identified XRPN to the company’s Class A shares and XRPNW to its warrants.

Armada Acquisition Corp. II was the merger partner and was sponsored by Arrington XRP Capital Fund. The exchange will suspend trading in Armada’s former shares and warrants, while the combined entity’s securities will begin trading in their place. The transaction is not an initial public offering, but rather proceeds through a special purpose acquisition company merger.

Meanwhile, An October 6 SEC filing moved the intended listing date from October 8. However, Evernorth attributed the delay to administrative matters and said it did not expect any changes to affect the merger’s outcome.

Meanwhile, the company confirmed that the business combination closed on October 9, ahead of its scheduled share debut.

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Evernorth Enters Public Markets Holding 473 Million XRP

Evernorth reported an approximate 473 million XRP holdings and gross cash proceeds of approximately $300 million. The cash amount doesn’t factor in transaction costs and is not the same as the cryptocurrencies the company holds.

The company listed its investors as Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital. Evernorth describes itself as the largest publicly traded business devoted entirely to managing an XRP treasury.

The Board of Directors of Armada approved the transaction at its meeting held on September 30. Previously, the shareholder vote coverage reported around 94% support.

An October 9 SEC filing showed that investors redeemed 18.46 million Armada shares for approximately $195.39 million. The redemption represented 80.3% of the shares eligible for cash. 

XRP Treasury Company Outlines Plans After Nasdaq Listing

Asheesh Birla, CEO and founder of Evernorth, called the company’s business an “actively managed XRP treasury.” He plans to support XRP infrastructure and pursue strategies intended to increase XRP holdings per share.

The company’s plans cover institutional lending, decentralized finance yield strategies and investments in XRP-related services. The announcement named tokenized assets, on-chain credit markets and settlement infrastructure among its investment areas.

However, evernorth shares are shares of the business and not the underlying tokens of XRP. According to the SEC filing, the public warrants from the company have an $11.50 exercise price. Additionally, the notice from Nasdaq sets the expiration date of the warrants as Oct. 7, 2031.

As per the terms of the merger, the Evernorth shareholders will receive one share for every Armada share they currently hold. Furthermore, Evernorth is expecting to be present at the closing bell ceremony to welcome executives, investors and XRP community members at the Nasdaq on October 14.