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SPAC · Merger completed · XRPN

Armada Acquisition Corp. II

Business combination with Evernorth

Armada Acquisition Corp. II (XRPN) is a blank-check company (SPAC) that raised $200M in its initial public offering on May 21, 2025, listing on Nasdaq. It completed its business combination with Evernorth on Oct 9, 2026; the combined company is Evernorth Holdings Inc. (XRPN). Northland led the IPO. DLA Piper advised the SPAC and Loeb & Loeb advised the underwriters on the IPO.

Evernorth is set to be a publicly traded digital asset treasury that gives investors exposure to XRP through a regulated, liquid and transparent structure. It is supported by Arrington Capital, a digital asset management firm focused on blockchain-based capital markets.

Status
Merger completed
Ticker
XRPN
IPO date
May 21, 2025
IPO size
$200M
IPO exchange
Nasdaq
Target
Evernorth (XRP treasury company)
Announced
Oct 20, 2025
Stated deal value
$1.4B
Closed
Oct 9, 2026
Combined company
Evernorth Holdings Inc. (XRPN)
IPO underwriters
Northland
SPAC counsel (IPO)
DLA Piper and Ogier
Underwriters' counsel (IPO)
Loeb & Loeb

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