- Evernorth Holdings finished its merger with Armada Acquisition Corp. II on 9 October, and its shares are anticipated to begin trading on Nasdaq under XRPN on 12 October, United States time.
- Redemptions took about US$ 195.39 million out of the shell’s trust, leaving Evernorth about US$ 47.6 million from it.
- SBI Holdings holds 39.9% of Evernorth’s ballot shares, while Ripple and its affiliates were topped at 9.9% of the vote.
Evernorth Holdings finished its merger with Armada Acquisition Corp. II on 9 October, producing 473 million XRP to a business set to note on Nasdaq.
Its shares are anticipated to start trading under the ticker XRPN on 12 October, United States time, Evernorth stated in its closing release. Evernorth likewise put its gross money at about US$ 300 million (AU$ 429 million), before deal expenditures. It prepares to sound the Nasdaq closing bell on 14 October.
The offer closed 2 days after the 7 October date Evernorth set when investors authorized it. Its backers consist of Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
Creator and president Asheesh Birla stated Evernorth will release capital throughout the XRP economy, backing facilities and utilizes for the token. The business intends to grow its XRP per share through institutional and DeFi yield techniques, community involvement and capital markets activity.
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Public Holders Cashed Out
Holders of 18,463,753 Armada II shares redeemed them for money at about US$ 10.58 (AU$ 15.13) each, Evernorth’s 8-K filing programs. That pertained to about US$ 195.39 million (AU$ 279.41 million), or approximately 80.3% of the shares that brought redemption rights.
The redemptions followed a week in which Armada II shares almost quadrupled ahead of the merger. After the payments, about US$ 47.6 million (AU$ 68.07 million) of the trust went to Evernorth, according to pro forma accounts submitted with the 8-K.
A weaker XRP cost likewise cut the stock provided to Ripple and the majority of the offer’s financiers. Their share counts were scaled by an XRP closing cost of about US$ 1.43 (AU$ 2.05), set versus about US$ 2.37 (AU$ 3.39) when the offer was checked in October 2025.
SBI Holdings owns 39.9% of Evernorth’s ballot Class A stock, the filing’s ownership table programs. Arrington’s fund holds 19.9% of that class and 91% of the non-voting Class C shares.
Ripple co-founder Chris Larsen is counted at 9.9% of the vote through Ripple and the Larsen Lam Children’s Remainder Trust, the ceiling the offer set for Ripple and its affiliates. Ripple, the trust and the sponsor have actually concurred not to move their shares for 6 months after closing.
Books Stay at Cost
Closing made Evernorth an associated celebration of Ripple, no longer an entirely owned subsidiary. Evernorth’s management chose its XRP still falls outdoors FASB’s 2023 fair-value requirement for crypto possessions, so the tokens remain at expense less disability.
The most affordable Coinbase cost in between 1 July and closing, US$ 0.99 (AU$ 1.42), would include US$ 6.9 million (AU$ 9.87 million) in disability, the pro forma accounts state.
Evernorth’s 388.7 million XRP purchase in October 2025 came at approximately US$ 2.44 (AU$ 3.49). XRP traded at US$ 1.41 (AU$ 2.02) on Monday, according to CoinGecko.
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