Evernorth Completes Merger with Armada Ahead of Nasdaq Debut

Key Facts

1Evernorth completed its merger with Armada Acquisition Corp. II, holding approximately 473 million XRP.

2The company raised about $300 million in gross cash proceeds ahead of its expected Nasdaq trading debut.

3Trading of the merged entity on Nasdaq is expected to commence on October 12.

Evernorth completed its merger with Armada Acquisition Corp. II, a move preceding its anticipated debut on the Nasdaq exchange. Reuters reported that the company raised approximately $300 million in gross cash proceeds and holds about 473 million XRP in its treasury. Trading of the merged entity's shares on Nasdaq is expected to commence on October 12, 2026.

NDAQ closed at $93.65 on October 9, 2026, while XRPN closed at $17.09 on the same date. These developments follow the company securing funding from institutional investors including Ripple, Arrington Capital, and Kraken, as Evernorth intends to utilize its XRP capital to support institutional services and manage its infrastructure.