Evernorth Holdings Inc. (Nasdaq: XRPN) began trading on October 12 after completing a merger with Armada Acquisition Corp. II, a special purpose acquisition company. The listing brings a publicly traded XRP treasury company to stock market investors.
Shares opened at $16.91 in regular trading, down 1.05% from the previous close. By 7:30 p.m. EDT, the stock reached $17.37 in after-hours trading, up 2.72% from the session close, according to Nasdaq data.
The trading debut followed an administrative delay that pushed the launch four days beyond its original target date. Armada shareholders had approved the transaction at their September 30 meeting.
XRP Treasury and Financing Structure
Evernorth held approximately 473 million XRP at closing and raised approximately $300 million in gross cash proceeds before transaction expenses. The company's XRP treasury merger included financing and institutional backing from investors including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
Substantial shareholder redemptions occurred before the combined business reached public markets. Holders redeemed approximately 80.3% of Armada shares eligible for redemption, receiving about $195.39 million in cash.
Operating Strategy
Evernorth intends to pursue institutional and decentralized finance yield strategies, ecosystem participation, and capital markets activities to increase XRP per share. The company also identifies tokenized assets, blockchain-based credit markets, and settlement infrastructure as potential areas for capital deployment.
Founder and Chief Executive Officer Asheesh Birla stated in the October 9 business combination announcement: Completing this transaction today marks a significant milestone of bringing this company to market.
Nasdaq Bell Ceremony Planned
Evernorth expects to ring the Nasdaq closing bell on October 14 with company leadership, investors, and XRP ecosystem participants. The company is also launching a public campaign recognizing supporters of the XRP ecosystem.
