- Evernorth Holdings Inc. will go public through a business combination with **Armada Acquisition Corp II (Nasdaq: AACI)**, with the combined company operating as Evernorth and expected to trade on Nasdaq under the ticker symbol **"XRPN"**.  **[2044009_20251020NY01762:0]** 
- The transaction is anticipated to raise over **$1 billion in gross proceeds**, including **$200 million from SBI** and additional investments from Ripple, Rippleworks, Pantera Capital, Kraken, and GSR.  **[2044009_20251020NY01762:0]** 
- Evernorth aims to become the **largest public XRP treasury company**, providing investors with liquid exposure to XRP and seeking to grow XRP per share through institutional lending, liquidity provisioning, and DeFi yield opportunities.  **[2044009_20251020NY01762:0]** 
- The transaction, which has been unanimously approved by the Boards of Directors of both companies, is expected to close in **Q1 2026**.  **[2044009_20251020NY01762:1]** 
- Evernorth's leadership team includes CEO **Asheesh Birla**, formerly a senior executive at Ripple, and Ripple executives are expected to serve as strategic advisors.  **[2044009_20251020NY01762:0]** **[2044009_20251020NY01762:1]**

Armada Acquisition Corp. II (AACI)