Armada Acquisition II shareholders approve Evernorth business combination
XRPN•Shareholders approved the deal at a Sept. 30 meeting; it is expected to close Oct. 7 and generate about $300 million in gross cash proceeds, with Nasdaq trading under XRPN slated to begin Oct. 8.
1. Deal financing and XRP holdings
The financing includes $225 million in private placements, $30 million of incremental convertible note funding and about $48 million expected from the trust. Evernorth expects to hold about 473 million XRP at closing and describes itself as a pure-play XRP treasury company.
