Armada shareholders approve Evernorth merger, clearing path for XRPN Nasdaq listing
Armada Acquisition Corp. II shareholders approved their merger with XRP treasury company Evernorth on Sept. 30, ahead of a planned Oct. 8 Nasdaq debut under the ticker XRPN.
Why it matters
If the deal closes, XRPN gives investors a US-listed equity holding a large XRP position instead of the token itself, and Evernorth says all of its committed funders are participating. The transaction still depends on closing conditions and on Evernorth executing its stated plan to deploy the coins through yield strategies, infrastructure investment and capital-markets activity rather than hold them passively.
Where the sources disagree
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
reported cost (convertible expenses placements)
$48 million
Decrypt
$30 million
Unchained
Decrypt reports $48 million, Unchained reports $30 million (38% apart).
Key facts
Armada Acquisition Corp. II shareholders approved the business combination with Evernorth at a meeting on Sept. 30, and Evernorth announced the result on Oct. 1.
Reported by CoinGape
Evernorth expects the transaction to close on Oct. 7 and its Class A common stock to begin trading on Nasdaq on Oct. 8 under the ticker XRPN, subject to remaining closing and listing conditions.
Reported by Decrypt
The definitive proxy statement projects an XRP treasury of at least 473,276,430 coins at closing.
473,276,430 XRPDisputed figureReported by Crypto.News
Ripple is to contribute 126,791,458 XRP to the treasury, and CoinGape reported that another 84,365,876.3625 XRP came from purchases funded by $214 million in subscription proceeds.
126,791,458 XRPReported by Crypto.News
Evernorth says the transaction is expected to generate roughly $300 million in gross cash at closing, made up of $225 million from private placements, $30 million in convertible notes and about $48 million from Armada's trust, and says the deal and related placements raised more than $1 billion in total.
300,000,000 USDDisputed figureReported by Decrypt
The $30 million convertible notes carry a 4% payment-in-kind rate, are due in 2031, and were bought by a private fund with NH Investment & Securities acting as trustee.
30,000,000 USDDisputed figureReported by Crypto.News
Vote tallies conflict, with an Oct. 1 SEC filing cited by CoinGape showing 19,331,337 shares for and 1,362,081 against one Evernorth proposal and a second count of 20,514,597 for with 1,362,089 against, while Unchained reported about 20.5 million for and roughly 1.4 million against.
Disputed figureReported by CoinGape
XRP traded around $1.51 on Sept. 30, up roughly 1.89%, after dropping below $1.47 and earlier reaching about $1.55.
1.51 USDReported by CoinGape
What happened
Armada Acquisition Corp. II shareholders approved their proposed merger with Evernorth, an XRP treasury company, at a meeting on Sept. 30, and Evernorth announced the result on Oct. 1. Evernorth expects the transaction to close on Oct. 7 and its Class A common stock to begin trading on Nasdaq on Oct. 8 under the ticker XRPN, subject to the remaining closing and listing conditions. The definitive proxy statement projects at least 473,276,430 XRP at closing, of which Ripple is to contribute 126,791,458, and CoinGape reported a further 84,365,876.3625 XRP bought with $214 million of subscription proceeds. Evernorth says the deal and related placements raised more than $1 billion, with roughly $300 million in gross cash expected at closing, comprising $225 million from private placements, $30 million in convertible notes carrying a 4% payment-in-kind rate and due 2031, and about $48 million from Armada's trust, while Cointelegraph valued the expected treasury at roughly $710 million with XRP near $1.50. Reported tallies differ: CoinGape cited an Oct. 1 SEC filing showing 19,331,337 shares for and 1,362,081 against the Evernorth proposal and, separately, 20,514,597 for with 1,362,089 against and 359 abstentions, whereas Unchained reported about 20.5 million for and roughly 1.4 million against, on 21,877,045 shares cast representing about 69% of eligible votes. The first word that the vote passed came from Bear Champ, an XRPL collaborator who said on X he had listened in on the meeting, and XRP traded around $1.51, up roughly 1.89%, on Sept. 30 after falling below $1.47 and earlier touching $1.55, according to CoinGape and Crypto.News.
How the story developed
- First report
First report by Bitcoin.com News
XRP Community Takes Center Stage in Evernorth’s Nasdaq Plans
- Update
Evernorth says XRP community members will feature in its campaign ahead of a Nasdaq listing
CEO Asheesh Birla said in a Sept. 23 blog post that apparel, a chaptered story and a possible Times Square event would mark the debut; the Sept. 30 shareholder vote was flagged.
- Independent corroboration
Independently corroborated by CryptoPotato
A Huge Week Is Coming for XRP as Evernorth Nears Crucial Nasdaq Vote
- Update
Financing and treasury details surface ahead of the vote
BTC-ECHO reported Evernorth had secured more than 473 million XRP and $30 million in convertible financing from NH Investments & Securities that only becomes effective on closing.
- Official statement
Shareholder meeting held at noon Eastern with redemptions already closed
The redemption deadline passed Sept. 28, and the definitive proxy broke down at least 473,276,430 XRP, including 126,791,458 from Ripple, plus a $30 million convertible facility at a 4% payment-in-kind rate.
- Update
Bear Champ reports on X that the vote passed
The XRPL collaborator said he had listened in on the Armada/Evernorth meeting; XRP traded around $1.51 as the report circulated.
- Update
Oct. 1 SEC filing shows vote tallies and a separate domestication proposal
CoinGape reported that 21,877,045 shares, about 69% of eligible votes, were cast and that a proposal moving Armada's domicile also passed.
- Official statement
Evernorth confirms approval and sets closing and listing dates
The company said on Oct. 1 that shareholders approved the combination, with closing set for Oct. 7 and Nasdaq trading under XRPN from Oct. 8; it reported roughly $300 million in gross cash proceeds and said all committed funders are participating.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 27 Sept 2026, 01:15 UTC: Bitcoin.com News, official — 1 independent source, 1 reports
- 28 Sept 2026, 04:04 UTC: CryptoPotato — 2 independent sources, 3 reports
- 28 Sept 2026, 08:12 UTC: Bitcoin Insider — 3 independent sources, 4 reports
- 28 Sept 2026, 12:34 UTC: BTC-ECHO — 4 independent sources, 5 reports
- 30 Sept 2026, 11:00 UTC: Crypto.News — 5 independent sources, 6 reports
- 30 Sept 2026, 14:21 UTC: CoinGape — 6 independent sources, 7 reports
- 1 Oct 2026, 12:53 UTC: The Crypto Basic — 7 independent sources, 12 reports
- 1 Oct 2026, 18:00 UTC: Crypto News Flash — 8 independent sources, 15 reports
- 1 Oct 2026, 18:46 UTC: Decrypt — 9 independent sources, 16 reports
- 1 Oct 2026, 21:07 UTC: Cointelegraph — 10 independent sources, 17 reports
- 2 Oct 2026, 09:42 UTC: Unchained — 11 independent sources, 24 reports
- 2 Oct 2026, 10:51 UTC: Crypto News (CryptoNews.net) — 12 independent sources, 25 reports
- 2 Oct 2026, 11:52 UTC: Finbold — 13 independent sources, 26 reports
- 2 Oct 2026, 15:51 UTC: U.Today — 14 independent sources, 27 reports
- 2 Oct 2026, 17:50 UTC: CryptoSlate — 15 independent sources, 28 reports
Affected entities
Also mentioned: Kraken, Ethereum, United States, Solana, Dogecoin, Binance, Tether USDt
Original sources
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