Ripple XRP Treasury Evernorth Merger LIVE Updates: Will 473 Million XRP Deal Pass Sept. 30 Vote?

Armada’s $230M SPAC Trust Enters Focus Ahead of Evernorth XRP Vote

Armada entered the transaction with a substantial SPAC trust following its $230 million initial public offering in May 2025. The capital provides the SPAC component of the proposed combination.

However, the amount ultimately available to the new company can change based on shareholder redemptions and other transaction adjustments. Armada’s sponsor structure also changed during the process, with Arrington XRP Capital Fund becoming involved after a $6.6 million securities purchase completed in August 2025.

Evernorth Deal Sets $10 Share Price Ahead of Planned XRPN Nasdaq Debut

The proposed transaction structure places the common shares at $10 per share, according to the proxy materials. That figure provides a reference point for understanding the capitalization of the planned public company, although it does not establish the future market price of XRPN if the listing occurs.

The eventual stock price would be determined by trading after the company becomes public. Investors will also need to consider the company’s XRP holdings, liabilities, share count and other balance-sheet factors when assessing the equity.

Evernorth Secures $30M Convertible Financing Ahead of XRP Treasury Merger

Evernorth has also entered into an agreement for $30 million of convertible senior PIK notes that could provide additional funding following completion of the transaction. The notes carry a 4% payment-in-kind rate and mature in 2031.

According to the reported transaction terms, proceeds are intended for general corporate purposes, including potential XRP acquisitions and activities connected with the XRP ecosystem. The financing is separate from the main treasury funding and remains conditional on the transaction closing.

Ripple Set to Contribute 126.79M XRP to Evernorth Treasury Deal

The proposed Evernorth treasury includes a substantial XRP contribution from Ripple itself. Proxy materials indicate that 126,791,458 XRP are expected to come from Ripple as part of the transaction structure.

Another 84,365,876.3625 XRP were associated with purchases funded through $214 million in subscription proceeds. These figures provide a closer look at how the proposed treasury is being assembled rather than treating the projected XRP balance as one single source. The final holdings remain subject to transaction completion and closing adjustments.

Armada Shareholder Redemption Deadline Passes Ahead of Evernorth XRP Vote

Armada shareholders seeking to redeem their shares had to submit redemption requests by September 28, two business days before the scheduled merger vote. Redemptions are separate from voting on the business combination, meaning shareholders could potentially participate in the transaction decision while also exercising redemption rights.

The number of shares redeemed can affect the amount of cash ultimately transferred from Armada’s trust into the combined company. Final figures therefore depend partly on shareholder actions surrounding the transaction and the remaining closing conditions.

Evernorth XRP Treasury Merger Vote Set for 12 PM ET Today

The Evernorth merger vote is scheduled for 12:00 p.m. ET on September 30, giving Armada Acquisition Corp. II shareholders a defined window to decide on the proposed transaction. The meeting will be held virtually, with shareholders of record as of August 20 eligible to participate.

🚨 TODAY: $XRPN shareholders vote on the Evernorth merger at 12 PM ET.

If approved and closing conditions are met, the combined company is expected to trade under $XRPN shortly after.

A key day for the deal. 👀 https://t.co/0pmmWBM2po pic.twitter.com/31GJf2M7T2

— 𝗕𝗮𝗻𝗸XRP (@BankXRP) September 30, 2026

For context, the vote is one of the final procedural steps before the proposed XRP treasury company can move toward its planned Nasdaq debut. The outcome will also determine whether the broader transaction proceeds to the remaining closing stages under the agreement.