Ripple XRP Treasury Evernorth Merger LIVE Updates: 473M XRP Deal With Armada Passes Sept. 30 Vote

BREAKING: Armada-Evernorth Merger Vote Reportedly Passes, Nasdaq XRPN Listing Next

The proposed Armada Acquisition Corp. II and Evernorth merger has reportedly passed its shareholder vote, according to a user who said on X that they listened to the meeting. “Listened in on the Armada/Evernorth merger vote, it passed,” the user wrote.

Listened in on the Armada/Evernorth merger vote, it passed. pic.twitter.com/3xOkWfh13Y

— BCHAMP XRPL (@bearchampxrpl) September 30, 2026

However, official confirmation from Armada or Evernorth has not yet been released. The reported result could clear a major hurdle for the proposed transaction, which would create a publicly traded XRP treasury company under the XRPN ticker. Investors are now waiting for the companies to formally announce the voting outcome. Read More.

Why Evernorth Changed Its Original XRP Formula

The Evernorth deal was initially structured around an XRP price of approximately $2.36. That assumption became less relevant after XRP subsequently traded near $1. The transaction was therefore revised to incorporate a mechanism that responds to XRP’s actual value at closing.

That change does not establish that Ripple wants XRP to fall. Instead, it addresses a mismatch between the original transaction assumptions and the market price prevailing closer to completion. The revised formula gives the merger structure greater flexibility as XRP moves between the signing date and closing.

Evernorth Share Count Tied to XRP Price

One important feature of the revised Evernorth transaction is its relationship between XRP’s price and the number of shares issued. The shares themselves remain priced at $10 under the transaction structure, but the number required to represent the treasury changes with XRP’s value.

This mechanism is intended to keep the public company’s equity structure closer to the underlying assets at closing. Without an adjustment, the original $2.36 XRP assumption could have left the transaction based on a valuation that no longer reflected market conditions when shareholders voted.

Ripple’s 127M XRP Contribution Faces Lower Valuation

Ripple’s contribution is another reason the claim that it benefits from a lower XRP price deserves scrutiny. The company is contributing roughly 127 million XRP to the proposed Evernorth treasury.

Under the revised transaction mechanics, those tokens are valued using the applicable XRP price in the merger formula. If XRP closes at a lower level, the dollar value assigned to that contribution also falls. Consequently, the equity associated with Ripple’s contribution declines as well. The structure therefore does not automatically reward Ripple with additional listed shares when XRP trades lower.

Evernorth Merger Math Changes as XRP Price Moves

The Evernorth transaction uses a pricing formula that responds to XRP’s market value at closing. That matters because the original structure was based on XRP trading around $2.36 when the agreement was signed.

XRP price later moved closer to $1, making the original assumption less representative. The revised terms therefore link the equity issued to the closing XRP price. The adjustment is designed to prevent the transaction from creating an excessive disconnect between the value of the treasury and the equity issued to participants when the companies complete the merger.

Why Lower XRP Price Does Not Mean Ripple Gets More Shares

The idea that Ripple wants XRP lower for the Evernorth merger does not match the deal mechanics. A lower XRP price reduces the value assigned to Ripple’s contributed tokens under the revised formula. That means Ripple would receive less equity for the same XRP contribution, not more.

The revised structure was introduced after XRP moved substantially below the original $2.36 reference price. Rather than relying on an outdated valuation, the formula now adjusts the number of shares issued around the XRP price at closing, keeping the transaction closer to current market conditions.

XRPN Stock Jumps 25% As Evernorth Merger Vote Takes Place

Armada Acquisition’s XRPN stock surged around 25% intraday on September 30 as investors focused on the upcoming shareholder vote for the proposed Evernorth merger. The shares traded near $13.24, up $2.66 from the previous close of $10.58.

The rally comes as shareholders start voting on the transaction that would bring Evernorth’s XRP treasury business into the public-market structure. XRP also climbed roughly 3.6% to around $1.55, adding momentum to the move. Evernorth’s proposed treasury includes approximately 473 million XRP, keeping the token’s performance closely watched alongside XRPN.

Evernorth Merger Vote Begins As 473M XRP Treasury Deal Faces Shareholder Decision

The shareholder vote on the proposed Evernorth merger has officially begun. This puts the XRP treasury company at a key stage of its transaction with Armada Acquisition Corp. II.

Shareholders are now deciding whether to approve the proposed business combination that would bring Evernorth into the public-market structure. The vote comes after the SEC declared the registration statement effective in August and follows months of preparation for the transaction. Investors are now watching for the final voting result and the subsequent steps required before the merger can close.

Why The 473M XRP Evernorth Deal Matters For XRP

The Evernorth merger matters for XRP because it could establish one of the largest publicly traded corporate treasuries dedicated to the asset. If the transaction closes, more than 473 million XRP would sit within a public-company structure, potentially increasing institutional visibility around the token.

🚨 XRP IS KNOCKING ON NASDAQ'S DOOR 🚨

TODAY is the day. 🗳️ Armada II shareholders vote on the Evernorth merger at 11am CT.

If it passes 👇
📈 Evernorth lists on Nasdaq as $XRPN
🏦 A public company built to hold XRP and actively put it to work
💰 The goal: grow XRP per share…

— James Rule XRP ⟐ 👊😎 (@allthemoney) September 30, 2026

The company also plans to actively deploy its XRP holdings rather than simply keep them in custody. That could create additional activity around XRP through lending and liquidity operations. However, the impact on XRP’s market price would depend on how the treasury is managed and broader market conditions.

Ripple, Armada and Evernorth Join Forces in 473M XRP Treasury Deal

The proposed business merger involving a whopping 473 million XRP treasury is not simply a two-company merger. The transaction documents involve Armada Acquisition Corp. II, Evernorth, Pathfinder Digital Assets LLC and Ripple Labs, under an agreement originally dated October 19, 2025.

That structure shows the multiple entities involved in moving the XRP treasury into the proposed public-company framework. Shareholders voting today are therefore deciding on an overall merger package that includes the related corporate and financing arrangements described in the proxy materials.

Evernorth XRP Per Share Metric Set to Take Center Stage After Merger

Once Evernorth becomes public, investors will have a new set of corporate disclosures to monitor. One important measure will be the amount of XRP attributable to each outstanding share.

Tomorrow, Armada Acquisition Corp. II shareholders are scheduled to vote on the proposed business combination with Evernorth. Completion remains subject to shareholder approval and to customary closing conditions.

This content is for informational purposes only and does not… pic.twitter.com/LH5XFyhZDT

— evernorthxrp (@evernorthxrp) September 29, 2026

That figure can change even when the company’s total XRP balance rises, depending on new share issuance, financing, redemptions and other capital-markets activity. Evernorth has identified XRP per share as a key objective, making future share-count and treasury disclosures particularly relevant when assessing how its corporate structure evolves after the proposed transaction.

Evernorth XRP Merger Still Faces Closing Steps After Shareholder Vote

Even if Armada shareholders approve the proposed merger, the transaction does not automatically result in an immediate Nasdaq listing. The combined company must still complete the business combination and satisfy the exchange’s applicable listing requirements.

Evernorth expects the resulting company to trade under XRPN, but the planned ticker depends on the transaction closing successfully. The companies have indicated a potential closing window around late Q3 or early Q4 2026, leaving additional steps after today’s shareholder decision before the public-market debut is finalized.

SEC Clears Evernorth Registration Statement Ahead of September 30 Merger Vote

The SEC’s August 27 declaration that Evernorth’s Form S-4 registration statement was effective cleared the disclosure hurdle needed for the shareholder solicitation process.

However, the effectiveness of the registration statement did not constitute SEC approval of the merger, Evernorth’s treasury strategy or XRP itself. The transaction still requires shareholder approval and satisfaction of other closing conditions. This distinction is important as the vote approaches because regulatory effectiveness and transaction completion are separate stages in the process.

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.