Evernorth to go public via SPAC, aims to build XRP treasury

SAN FRANCISCO - Evernorth Holdings Inc. announced Monday it has signed a business combination agreement with special purpose acquisition company Armada Acquisition Corp II (NASDAQ:AACI) in a transaction expected to raise over $1 billion in gross proceeds. According to InvestingPro data, AACI currently maintains a market capitalization of $331.06 million and trades with notably low price volatility, characteristics typical of pre-merger SPACs.

The newly formed Nevada corporation plans to create what it describes as the world’s largest public XRP treasury. Upon closing, the combined company will operate under the Evernorth name and is expected to trade on Nasdaq under the ticker symbol "XRPN," subject to listing requirements. InvestingPro analysis shows AACI trading near its 52-week low of $10, with a current Fair Financial Health score of 2.43, suggesting moderate stability during this transition period. Unlock more insights and exclusive financial metrics with an InvestingPro subscription.

The transaction includes $200 million from SBI and additional investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. According to the press release, net proceeds will primarily fund open-market purchases of XRP, with a portion allocated to working capital and transaction expenses.

Unlike a passive ETF, Evernorth plans to grow XRP holdings per share by participating in institutional lending, liquidity provisioning, and decentralized finance opportunities.

"Evernorth is built to provide investors more than just exposure to XRP’s price," said Asheesh Birla, CEO of Evernorth, in the press release. Birla previously served as a senior executive at Ripple.

The company’s leadership team includes CFO Matthew Frymier, COO Meg Nakamura, CLO Jessica Jonas, and CBO Sagar Shah. Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz are expected to serve as strategic advisors.

The transaction, unanimously approved by both companies’ boards of directors, is expected to close in Q1 2026, subject to customary closing conditions and shareholder approvals. AACI shares have shown resilience with a 4.38% total return over the past year, according to InvestingPro data, which offers comprehensive analysis and additional ProTips for investors tracking SPAC opportunities.

Evernorth also plans to operate XRP validators, leverage Ripple’s RLUSD stablecoin, and provide liquidity for XRP-based projects.

Citigroup Global Markets Inc. served as the sole private placement agent and capital markets advisor to Evernorth, while Cohen and Company Capital Markets and Northland Securities advised Armada Acquisition Corp II.

The information in this article is based on a press release statement from Evernorth Holdings Inc.

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