Evernorth SPAC merger approved, raising over $1B for XRP treasury play

Armada Acquisition Corp. II shareholders approved its business combination with Evernorth at a September 30 meeting. The transaction is expected to raise about $300 million in gross cash proceeds, including $225 million from private placements, $30 million of convertible notes and roughly $48 million of trust proceeds, with investors also contributing XRP in kind. Closing is expected October 7, with Nasdaq trading as XRPN from October 8.

Why it matters: At roughly 473 million XRP at closing, Evernorth would become the largest publicly traded pure-play XRP treasury vehicle.