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Evernorth Holdings, a company pursuing a strategic XRP accumulation plan, said shareholders approved its SPAC merger with Armada Acquisition II. If the remaining conditions are satisfied or waived, the companies plan to complete the merger on Oct. 7 and begin trading the combined company’s shares on Nasdaq under the ticker XRPN on Oct. 8.
The merger is expected to raise about $300 million in cash, including $225 million in private investment, $30 million in additional convertible note financing, and about $48 million held in trust. Investors also contributed XRP in kind, and Evernorth’s XRP holdings are expected to reach about 473 million XRP once the merger closes.