Evernorth’s Shareholders Approved the XRPN Merger;…

Armada Acquisition Corp. II shareholders approved the merger with Evernorth Holdings on 30 September, advancing a deal that would bring approximately 473.3 million XRP onto the Nasdaq under the ticker XRPN.Evernorth and Armada said on 1 October that closing is expected on 7 October, with XRPN trading on Nasdaq expected to begin on 8 October, subject to the satisfaction or waiver of the remaining closing conditions. XRP rose 1.89% to $1.51 following the result.The vote clears a critical milestone, but does not by itself list the combined company. The companies expect the transaction to close on 7 October, with XRPN trading on Nasdaq expected to begin on 8 October, subject to the satisfaction or waiver of the remaining closing conditions.

What the Vote Approved and What Closing Requires

The shareholder ballot authorized the business combination between Armada Acquisition Corp. II, a special-purpose acquisition company, and Evernorth Holdings, an actively managed XRP treasury vehicle. The Securities and Exchange Commission (SEC) declared the S-4 registration statement effective on 27 August.KuCoin News described the vote as "a material milestone" but emphasized that the deal has not closed. The combined entity must satisfy customary closing conditions, complete financing confirmations, and secure Nasdaq's approval before shares begin trading under the reserved tickers XRPNU for units, XRPN for Class A shares, and XRPNW for warrants at an $11.50 exercise price, per an 8-K filing dated 17 September.Nasdaq amended its SPAC listing rules effective 22 May 2026, raising the Global Market minimum market value of listed securities to $100 million from $75 million while retaining the existing requirement of at least 400 shareholders. The Capital Market tier requires $75 million in market value and $20 million in unrestricted publicly held shares, according to Ropes & Gray.

What 473 Million XRP Means in Context

Evernorth expects to hold 473,276,430 XRP at closing, valued at about $672 million based on a $1.42-per-token valuation used in SEC filings. Ripple contributed 126.8 million XRP, roughly 26.8% of the treasury, while Arrington Capital supplied 211.3 million XRP at approximately 44.6%.Evernorth purchased an additional 84.4 million XRP at an average price of $2.53 per token, spending $214 million in cash, according to Decrypt. Evernorth Chief Executive Officer Asheesh Birla said the company believes "global finance is entering a new era with digital assets playing a larger role in how capital is held, managed, and deployed," according to Decrypt.Total capital raised exceeded $1 billion in gross proceeds and commitments, with backers including Ripple, SBI Group, Pantera Capital, Kraken, and GSR. A $30 million tranche of 4.00% Convertible Senior PIK Notes due 2031, with NH Investment & Securities Co. as trustee, is conditional on the business combination closing.

How XRP and AACI Reacted

XRP dipped below $1.47 in early trading on 1 October before briefly touching $1.55, consolidating in the $1.48 to $1.50 range, and settling at $1.51, according to CoinTurk. The token finished the third quarter of 2026 with a 48% gain, its strongest Q3 performance in four years, though it remains 59% below its July 2025 peak of $3.65.US spot XRP exchange-traded funds hold approximately 1.16 billion XRP, valued at roughly $1.76 billion. Exchange reserves declined from 12.9 billion to 11 billion XRP since April, with 1.6 billion XRP moving off centralized platforms in the two weeks preceding the vote, according to CoinCentral. Ripple's Swell conference runs from 27 to 29 October in New York and could provide further details on Evernorth's operational plans for the XRP treasury.