Shareholder Approval and Nasdaq Listing Timeline
Evernorth and its merger partner, Armada Acquisition Corp. II, announced that shareholders approved their combination on September 30. The companies expect the transaction to close on October 7, subject to remaining conditions, with the combined company's Class A stock scheduled to begin trading on Nasdaq under the ticker XRPN on October 8.
The timeline brings focus to the company's funding structure. While an approximate $300 million gross-cash figure has been discussed, that total includes a private placement program whose advance funding supported a previously reported XRP purchase in November 2025. Cash that has already been converted into tokens cannot be used to finance a subsequent acquisition.
Evaluating Cash Sources and Settlement
An announcement on October 1 outlined $225 million from related private placements, $30 million of incremental convertible-note financing, and approximately $48 million of trust proceeds before transaction expenses, totaling about $303 million. However, definitive proxy details separate the private placements into $214.05 million of advance cash subscriptions and $10.5 million of delayed cash subscriptions.
In November 2025, Evernorth reported purchasing about 84.37 million additional XRP at an average price of roughly $2.54, utilizing approximately $214 million funded from its advance placement proceeds. Because that advance cash was already deployed, it cannot be counted toward fresh spot market demand.
Identifiable closing-linked sources include:
- Delayed cash subscriptions: $10.5 million, subject to subscription and combination closing conditions.
- Incremental convertible notes: $30 million, with issuance and payment conditioned on the business combination.
- Expected trust proceeds: Approximately $48 million, based on the company's October 1 estimate before expenses.
Combining these figures indicates roughly $88.5 million in gross sources if they settle as described, before accounting for transaction expenses, operating needs, and other corporate allocations. Furthermore, the $30 million convertible note financing carries a 4% annual payment-in-kind interest rate and matures in 2031, adding debt obligations while expanding potential cash resources.
Treasury Holdings and Future Market Impact
Evernorth expects to hold approximately 473 million XRP at closing. This figure encompasses prior purchases, in-kind investor contributions, and tokens settled into the treasury. The proxy outlines separate channels, such as a 50 million XRP related-party subscription and approximately 211.3 million XRP invested through the sponsor by RippleWorks, which differ from spending fresh company cash to buy tokens on the open market.
Ultimately, secondary market share turnover on Nasdaq involves transactions between buyers and sellers where the issuer does not receive trading volume as fresh treasury cash. Determining the actual impact on XRP demand will depend on finalized closing settlements, reconciled expense schedules, and disclosed cash outflows dedicated to additional token acquisitions.
