Evernorth’s NASDAQ listing under XRPN awaits shareholder vote on September 30

Armada Acquisition Corp. II shareholders will cast their votes on September 30, 2026, deciding whether to approve a SPAC merger that would send Evernorth Holdings to the Nasdaq under ticker symbol XRPN.

The SEC declared the Form S-4 registration statement effective on August 27, 2026, clearing the regulatory path for the special shareholder meeting. If the vote goes through and remaining closing conditions are met, the combined entity could begin trading in late Q3 or early Q4 of 2026.

What Evernorth actually does

Evernorth positions itself as a digital asset treasury company built specifically around XRP. The company plans to hold hundreds of millions of XRP tokens in its treasury, with active management strategies including lending, liquidity provision, and other yield-generating activities designed to increase the value of XRP per share over time.

Evernorth has raised over $1B in gross proceeds and commitments from investors including Ripple and Arrington Capital. On the financing front, Evernorth disclosed a conditional $30 million deal involving PIK convertible notes due 2031. The notes are only issuable upon the merger’s completion.

The SPAC route into public markets

SPACs, or special purpose acquisition companies, let a private company go public by merging with an already-listed shell entity, bypassing the traditional IPO process. Evernorth’s approach through Armada Acquisition Corp. II gives the company a Nasdaq listing, public market access, and the institutional credibility that comes with being a regulated, exchange-traded entity.

Why institutional XRP exposure matters

XRP has long occupied a peculiar position in the crypto hierarchy. It’s one of the largest digital assets by market capitalization, backed by Ripple, which has deep connections to global payments infrastructure. Institutional adoption was hampered for years by regulatory uncertainty, most notably the SEC’s lawsuit against Ripple that dragged on from late 2020 through its various resolution stages.

Rather than asking institutions to custody XRP themselves or navigate crypto exchanges, Evernorth offers exposure through publicly traded equity on a major stock exchange. The over $1B in committed capital from backers including Ripple and Arrington Capital underpins this structure. Ripple’s involvement is particularly notable given the company’s direct interest in deepening XRP’s ecosystem.

The September 30 vote is the immediate catalyst to watch. High redemption rates can leave the post-merger company with less cash than expected, though Evernorth’s $1B in commitments from outside investors provides a significant cushion against that risk.