Evernorth, the XRP-focused treasury company, completed its merger with Armada Acquisition Corp. II on Friday, October 9, according to a Form 8-K filing. An administrative delay had pushed the closing back from Oct. 7 to Oct. 9 - and the Nasdaq debut from Oct. 8 to Monday, October 12. The exchange's corporate action notice confirms the Class A common stock will trade under ticker XRPN, with warrants under XRPNW.
The combined public company holds roughly 473 million XRP - assembled through pre-merger purchases and in-kind contributions, including about 126.8 million XRP from Ripple and 211.3 million from the sponsor - alongside roughly $300 million in gross cash proceeds. The 8-K lists 22,268,905 Class A shares and 32,211,992 Class C shares outstanding immediately after closing, plus 11,739,645 warrants.
The deal faced heavy redemptions: about 80.3 per cent of Armada's public shareholders - 18,463,753 Class A shares - redeemed for cash, withdrawing roughly $195.39 million, or about $10.58 per share, from the SPAC trust.
XRP traded near $1.40 on October 10, per CoinGecko - below the prior week's high of $1.53, but in line with the 8-K's closing reference price of $1.43069 used for certain equity calculations. The filing references a signing reference price of $2.36609.
