Evernorth Completes Merger with Armada Acquisition Corp. II, to Trade on Nasdaq

Evernorth Holdings, Inc., a digital asset treasury company, has finalized its business combination with Armada Acquisition Corp. II, a special purpose acquisition company. Following the completion, Evernorth's common stock is slated to commence trading on the Nasdaq Stock Market on October 12, 2026, under the ticker symbol XRPN.

Upon closing, the company holds approximately 473 million XRP and has secured approximately $300 million in gross cash proceeds before transaction expenses. Asheesh Birla, Founder and CEO of Evernorth, stated the company's objective was to create an actively managed XRP treasury built to support the ecosystem's growth with the transparency and governance demanded by public markets.

Evernorth intends to deploy capital across the XRP economy, supporting infrastructure and use cases that expand XRP's utility, while pursuing strategies to grow XRP per share over time. Investors in the company include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.

As institutional on-chain finance evolves, tokenized assets, on-chain credit markets, and settlement infrastructure will require capital to scale. Evernorth aims to be a source of this capital, operating under the reporting, governance, and disclosure standards of a Nasdaq-listed company.