Evernorth and Armada merger approved by shareholders, planning to list on NASDAQ under the code XRPN

According to The Block, shareholders of Armada Acquisition Corp. II have approved its business combination with XRP Treasury company Evernorth, clearing a key step for the latter's listing on Nasdaq.

The transaction is expected to raise approximately $300 million in total cash proceeds, with investors also contributing in physical XRP. Upon completion of the transaction, Evernorth is expected to hold approximately 473 million XRP. The transaction is expected to be completed on October 7, and the combined company plans to trade under the ticker XRPN starting October 8.