The green light has finally been given. Shareholders of Armada Acquisition Corp. II approved the merger plan with Evernorth during a shareholder meeting. The approval was first confirmed by XRPL ecosystem collaborator Bear Champ via his X account. “Listened in on the Armada/Evernorth merger vote, it passed,” he wrote after listening in on the pivotal meeting that decided the fate of both companies.
The market immediately responded to the merger announcement. The price of XRP quickly recovered above the $1.50 threshold following a 1.89% gain. That recovery was crucial after selling pressure had previously dragged XRP below the $1.47 level. The confirmation also follows prior developments, as the market tracked XRP ETF assets surging past $1.79 billion ahead of the vote.
Ticket to the Nasdaq Main Board
Shareholder approval clears the path for the combined entity to reach the public stock exchange. The company plans to list its shares on Nasdaq under the ticker symbol XRPN as soon as all transaction closing conditions are satisfied. Evernorth’s Form S-4 registration statement was declared effective by the U.S. Securities and Exchange Commission (SEC) on August 27.
Prior to the meeting, shareholders had also passed the deadline to submit redemption requests. The redemption cutoff fell on September 28, exactly two business days before the scheduled shareholder vote took place.
Direct Support from Ripple
The new entity is preparing to enter the public market with a massive crypto asset reserve. Evernorth revealed that its projected balance will hold at least 473,276,430 XRP upon the transaction’s closing. The accumulation of hundreds of millions of tokens comes from a combination of direct market purchases and capital commitments from deal participants.
Financial backing also flowed directly from the issuer of XRP. Ripple contributed 126,791,458 XRP to the transaction agreement. Ripple’s support complements Evernorth’s own accumulation push in November 2025, when it acquired approximately 84.37 million XRP valued at $214 million, with an average purchase price of $2.5366 per token.
Additional Cash Cushion
The company also bolstered its position with a cash supply from traditional credit facilities. Evernorth signed a $30 million convertible debt financing agreement with NH Investment & Securities Co. The facility, bearing an annual interest rate of 4%, will mature in 2031, providing the company additional room to build operational liquidity.
The upcoming debut of the XRPN ticker will offer an alternative route for mainstream markets. Wall Street investors will be able to gain direct exposure to a reserve of hundreds of millions of XRP through traditional equities, without needing to set up a crypto wallet.
Reported via crypto.news.
Also read: How to Read Candlestick Charts for Beginners
Previously: XRP ETF Inflows Top $1.79 Billion - Price Stalls at $1.54 Awaiting Nasdaq Merger Vote
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
