Evernorth closes Armada SPAC with a large XRP treasury and sets XRPN trading for Oct. 12

Evernorth Holdings completed its business combination with Armada Acquisition Corp. II on Oct. 9, 2026, entering the public markets as an XRP-focused digital asset treasury company that says it holds about 473 million XRP and about $300 million in gross cash proceeds before transaction expenses.

The combined company's Class A common stock is expected to begin trading on the Nasdaq Stock Market on Oct. 12 under the ticker XRPN, with warrants under XRPNW, according to the company's Oct. 9 press release and its closing Form 8-K. Armada was a special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP; after a Cayman-to-Delaware domestication the SPAC continued as Arrington Capital SPAC I Inc. before the closing mergers with Pathfinder Digital Assets LLC and Evernorth merger subsidiaries, with Ripple Labs Inc. named as a contributor in the Business Combination Agreement.

What closed on Oct. 9

In its Form 8-K, Evernorth said the Closing Date was Oct. 9, 2026 under a Business Combination Agreement dated Oct. 19, 2025 and amended Aug. 12, 2026. Holders of 18,463,753 Armada Class A shares — about 80.3% of the shares with redemption rights — redeemed for cash at about $10.58 a share, for an aggregate redemption amount of about $195.39 million. Immediately after closing, Pubco reported 22,268,905 Class A shares, 32,211,992 Class C shares, and 11,739,645 warrants outstanding.

Ripple contributed 126,791,458 XRP tokens under a Contribution Agreement and received 18,139,927 Company Units at closing, the 8-K says. Separately, advance-funding subscribers received 10,123,015 Class A shares and 2,905,659 Class C shares in exchange for about $214.05 million in cash and 600,000 XRP tokens. The filing pegs the Signing XRP Price at $2.36609 and the Closing XRP Price at $1.43069, using a three-day average of the CME CF XRP-Dollar Reference Rate — New York Variant.

How the company frames the public float

Evernorth's press release describes the firm as a digital asset treasury company building institutional access to the XRP economy and lists Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR among investors that supplied capital. Founder and Chief Executive Officer Asheesh Birla said the goal was "an actively managed XRP treasury purpose-built to support the growth of the ecosystem with the transparency and governance that public markets demand," and that the company intends to deploy capital across the XRP economy while pursuing strategies "designed to grow XRP per share over time." The company also said it expects to ring the Nasdaq closing bell on Oct. 14.

What this does not settle

The ~$300 million gross cash figure is the company's press-release total before transaction expenses; it is not a line-item cash reconciliation in the 8-K against the $195.39 million of SPAC redemptions and the advance-funding cash. The ~473 million XRP holding is likewise stated in the release rather than as a single 8-K inventory total. Oct. 12 trading under XRPN/XRPNW is expected as of the Oct. 9 close, and first-day pricing, float dynamics after the Class C share structure, and how quickly Evernorth deploys treasury capital remain outside Friday's primary record.