Evernorth's $132.2 Million Warrant Registration Effective, Plans to List on Nasdaq as XRPN

Evernorth Holdings, Inc. and Armada Acquisition Corp. II announced that the U.S. Securities and Exchange Commission has declared the registration statement on Form S-4 related to their proposed business combination effective. The registration statement covers up to 11,499,992 shares of Class A common stock that may be issued and sold upon the exercise of warrants, calculated at an exercise price of $11.50 per share, corresponding to a total size of approximately $132.2 million. According to the arrangement, Armada shareholders registered as of August 20, 2026, will hold a special meeting on September 30, 2026, to vote on the transaction. If the transaction is approved and customary closing conditions are met, the combined company is expected to list on Nasdaq under the ticker symbol XRPN, with the transaction anticipated to close by the end of the third quarter or early fourth quarter of 2026. Evernorth positions itself as a digital asset treasury company aimed at building institutional-level XRP economic exposure, planning to deploy funds into the XRP ecosystem through strategies designed to enhance the per-share XRP holdings. Its investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.

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