Armada Acquisition Corp. II shareholders are scheduled to vote Sept. 30 on the proposed business combination with Evernorth, an XRP-focused treasury company that could trade on Nasdaq under the XRPN ticker if the transaction closes. Approval would clear a key hurdle but would not itself begin public trading. Evernorth plans to deploy XRP through yield strategies, infrastructure participation and capital-markets activity, seeking to increase the XRP represented by each share over time. The company holds roughly 473 million XRP and has secured more than $1 billion in gross proceeds from investors including Ripple, SBI Holdings, Pantera Capital, Kraken and Arrington Capital. It also agreed to refinance $30 million through 4% convertible preferred PIK notes, subject to completion of the business combination. Separately, Ripple's monthly escrow schedule could make up to 1 billion XRP available from Oct. 1, although unused tokens can be placed into new escrow contracts and the release does not necessarily translate into an equivalent rise in tradable supply. Veteran trader Peter Brandt said XRP's chart can present a trading opportunity without accepting the broader narrative around the token, while Ali Martinez said he had projected a $2 XRP price in mid-September.