XRPN: Evernorth's $473M XRP Vote Lands With 94% Cheer — Nasdaq Debut Loading 🚀

Armada Acquisition Corp. II shareholders approved Evernorth's business combination on September 30, 2026, clearing the main remaining hurdle for the Ripple-backed XRP treasury to begin trading on Nasdaq under the ticker XRPN. At an extraordinary general meeting, 21,877,045 shares were cast, representing roughly 69% of those entitled to vote. According to an October 1 SEC filing, 19,331,337 shares, or about 94% of votes cast, backed the Evernorth Business Combination Proposal, with 1,362,081 against and 930 abstaining. A parallel Merger Proposal passed with 20,514,597 votes in favor, 1,362,089 against and 359 abstentions, and a Domestication Proposal moving Armada from the Cayman Islands to Delaware was approved unanimously with 7,880,000 shares in favor. The deal is expected to close on October 7, with Class A common stock slated to begin Nasdaq trading on October 8, subject to remaining closing conditions.

Evernorth has set common shares at $10 per share in the proxy materials, a reference point rather than a forecast of the post-listing market price. At closing, Evernorth expects to hold approximately 473 million XRP, which it says would make it the largest publicly traded pure-play XRP treasury company. With XRP trading near $1.50 according to CoinGecko, that stash would be worth roughly $710 million. The transaction is expected to generate about $300 million in gross cash proceeds, comprising $225 million from related private placements, $30 million in convertible note financing and approximately $48 million in trust proceeds, before expenses; Evernorth says 100% of its committed funders are participating. Named investors include Ripple, Pantera Capital, Kraken, SBI Group, GSR and Arrington Capital. Evernorth also entered into a $30 million convertible financing arrangement ahead of the vote. The company said it plans to grow XRP per share over time through yield strategies, ecosystem participation and capital-markets activity. "Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," said Evernorth founder and CEO Asheesh Birla.

On the price side, XRP fell as low as $1.47 intraday before climbing roughly 1.89% to $1.51, with an earlier push to $1.55, a drift between $1.48 and $1.50, and a midday tag of $1.54 before settling back. Evernorth first unveiled its public-market plan around a $685 million XRP stash as part of a Ripple-backed effort to raise $1 billion, and its S-4 registration statement was declared effective in late August.