Evernorth shareholders approved the merger with Armada Acquisition Corp. II, clearing the way for a planned Nasdaq debut under the ticker XRPN on October 8, subject to final closing conditions and Nasdaq approval. The company will hold 473 million XRP, but the tokens are now worth about $705 million at $1.49 each, compared with roughly $1.1 billion at the $2.37 price used when the deal was signed in October 2025. The difference is about $414 million, reflecting a 37% decline in XRP over that period. Evernorth is a treasury company whose main business is holding XRP; investors will receive shares that provide exposure to the assets rather than the coins themselves. The merger is also expected to bring about $300 million in cash before expenses, with part earmarked for additional XRP purchases. Evernorth says it plans to pursue yield opportunities and capital-markets transactions to increase the XRP backing each share. XRP represents about 0.75% of its 63.1 billion circulating supply.