Armada Acquisition Corp. II is a blank-check company focused on completing a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses in technological services. It was incorporated in 2024 and is based in Miami, Florida.
Evernorth-Armada Merger Clears Final Hurdles, Nasdaq Listing Set for October 8
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SEC Approves S-4, Clearing Path to Nasdaq Listing The SEC approved Evernorth's S-4 registration statement, removing the main regulatory obstacle for its merger with Armada. This is a major step toward listing on Nasdaq under XRPN, making the deal far more likely to close and boosting Armada's value.
This is a critical regulatory milestone that directly advances the merger and increases certainty for XRPN.
Shareholders Approve Merger; Nasdaq Debut on October 8 Armada shareholders voted to approve the business combination with Evernorth. The combined company will trade on Nasdaq as XRPN starting October 8, with over $1 billion raised and about 473 million XRP held, making it the world's largest XRP treasury company.
This is the final approval needed for the merger to close, directly enabling XRPN's listing and confirming the deal's scale.
Revised Terms Increase XRP Backing per Share Evernorth changed the deal terms because XRP's price fell from $2.36 to about $1.00. The new formula ties the share count to XRP's closing price, meaning fewer shares may be issued, so each share could be backed by more XRP. Over 95% of committed investors agreed, strengthening the deal for Armada shareholders.
This explains how the deal was adjusted to remain attractive despite XRP's price drop, directly affecting the value proposition for XRPN.
Ripple-Backed Evernorth Completes Armada Acquisition Corp. II Merger Ahead of Nasdaq Listing
Evernorth, the Ripple-backed company building an XRP-focused digital asset treasury, has completed its merger with Armada Acquisition Corp. II, according to a regulatory filing. The deal clears the way for the combined entity to list on Nasdaq. No financial terms of the merger were disclosed in the filing. The completion comes as the price of XRP remains under pressure despite the Ripple-linked treasury vehicle's progress toward a public listing.
XRPN · Capital · Positive Armada Acquisition Corp. II completed its merger with Evernorth, clearing the way for the combined entity to list on Nasdaq.
Evernorth Holdings · Capital · Positive Evernorth completed its merger with Armada Acquisition Corp. II, clearing the way for the combined entity to list on Nasdaq.
Ripple Labs Inc. · Capital · Positive Ripple-backed Evernorth completed its merger with Armada Acquisition Corp. II, advancing the Ripple-linked XRP treasury vehicle toward a Nasdaq listing.
XRP · · Negative Article notes XRP price remains under pressure despite the Ripple-linked treasury vehicle's progress toward a public listing, with no stated cause for the price move.
Nasdaq Listing of XRP Vehicle Evernorth Postponed to October 12
Trading in shares of Evernorth under the ticker XRPN on Nasdaq has been officially postponed to Monday, October 12, 2026. The listing, which would have been the first regulated vehicle with pure exposure to XRP, had been expected to debut this Thursday. Investors anticipating that debut will now have to wait for the rescheduled date.
Digital Finance & Tokenization › Crypto Exchanges, Custody & Digital-Asset Infrastructure Capital
XRP · Regulation · Negative The first regulated vehicle with pure XRP exposure, Evernorth (XRPN), had its Nasdaq listing postponed, delaying regulated investor access to XRP.
XRPN · Capital · Neutral Evernorth's Nasdaq listing (via the SPAC vehicle) postponed to October 12, delaying the debut; Armada Acquisition Corp. II is only contextually linked.
Evernorth XRP Treasury Clears SEC Hurdle for Nasdaq Debut
Evernorth Holdings, an XRP treasury company backed by Ripple, Kraken, SBI Holdings, Pantera Capital, and Arrington Capital, has moved closer to its Nasdaq debut after the SEC cleared its registration statement. The company, led by former Ripple executive Asheesh Birla, plans to offer liquid, transparent XRP exposure through a publicly listed vehicle. The clearance allows Armada Acquisition Corp. II to convene a shareholder meeting on Sep. 30 to vote on the merger, which is one of the last key milestones before the listing. The business combination is expected to close in late Q3 or early Q4 2026, with shares trading under the ticker "XRPN." XRP was trading at $1.37 at the time of writing.
XRPN · Capital · Positive SEC cleared its registration statement, allowing Armada Acquisition Corp. II to convene the Sep. 30 shareholder vote on the Evernorth merger, a key milestone toward the Nasdaq listing.
Ripple Labs Inc. · Capital · Positive Ripple-backed Evernorth's XRP treasury vehicle cleared the SEC hurdle for a Nasdaq debut, advancing a Ripple-affiliated publicly listed XRP exposure vehicle.
SEC Approves Evernorth's Nasdaq Listing via Armada Merger
The U.S. Securities and Exchange Commission has approved Evernorth's Form S-4 registration statement, clearing the main legal hurdle for its merger with special purpose acquisition company Armada Acquisition Corp. II. This approval paves the way for Evernorth to list on Nasdaq under the ticker XRPN, marking a significant milestone for the company.
Evernorth revises share calculation terms for Nasdaq listing
Evernorth, which holds and manages XRP, announced on August 13 that it has changed the method for calculating the number of shares to be issued to investors participating in a private placement as part of its business combination for a Nasdaq listing. Previously, the number of shares was calculated based on the XRP price of $2.36 used at the time of the agreement, but going forward it will reflect the volume-weighted average price of XRP at the time the transaction closes. As of August 15, XRP was around $1.00, down about 58% from the $2.36 at the time of the agreement, and based on current prices the number of shares issued is expected to be lower than originally planned. This is expected to reduce the dilution of existing shareholders of special purpose acquisition company Armada Acquisition Corp II compared with the original plan, and increase the proportion of XRP treasury per share. Investors representing more than 95% of committed funds have agreed to the new terms, and Armada II's sponsor has also agreed to adjust founder shares at the same ratio as upfront investors. The business combination is expected to be completed between late third quarter and early fourth quarter of 2026, following SEC review and other processes.
Avenir North Files to Amend Share Count for Nasdaq Listing
XRP treasury company Avenir North filed with the U.S. Securities and Exchange Commission on the 13th to amend its share count ahead of a Nasdaq listing. The number of shares to be issued upon completion of the business combination is expected to be lower than previously planned relative to Avenir North's XRP holdings if XRP continues to trade below the earlier reference price of $2.36, which would increase the amount of XRP backing each share. The company said investors representing more than 95% of committed capital have agreed to the revised terms. Closing is expected in the latter part of the third quarter to the first part of the fourth quarter of 2026, subject to SEC review and customary conditions. Avenir North is currently proceeding with a listing through a merger with special purpose acquisition company Armada Acquisition Corp. II, and XRP's current trading price of around $1 is well below the $2.36 assumed in the original agreement.
Evernorth CEO Discusses Shift in Institutional Investor Sentiment, Says Nasdaq Listing Is in Final Stages
Ashish Birla, CEO of Evernorth, a U.S. firm that holds and manages yield on the crypto asset XRP, told NADA NEWS that while institutional investors frequently declined to invest a decade ago, many financial institutions have now significantly changed their stance, with some even setting up dedicated blockchain teams. The company aims to list on Nasdaq through a merger with SPAC Armada Acquisition Corp. II, and Birla explained that the process is nearing its final stages, having just submitted an amended S-4 to the SEC on July 13. He also commented on the dollar-denominated stablecoin RLUSD, which began circulating in Japan in June via SBI VC Trade, expressing the view that utilizing the DEX on the XRP Ledger will make it easier for Japanese users to participate in the on-chain financial ecosystem. Furthermore, tokenized real-world assets on the XRP Ledger have surged 24-fold over the past 12 months to 3.6 billion dollars, and he predicted that within the next five to ten years, the majority of financial markets will be traded on blockchain.
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