Ripple-backed XRP treasury Evernorth Holdings on Thursday said it has amended subscription agreements for its private placement related to its proposed merger with Armada Acquisition Corp II. It means fewer shares issued and more XRP behind every share ahead of Nasdaq listing.
Ripple-Backed Evernorth Holdings Nears Merger and Nasdaq Listing
Evernorth Holdings, the Ripple-backed XRP treasury, filed amendment no 6 to its Form S-4 registration statement with the U.S. Securities and Exchange Commission (SEC) on August 13.
The Ripple-backed firm claimed it has strengthened public investors’ positioning as it advances toward a Nasdaq listing. This structure is expected to reduce the total number of shares issued, focusing the company’s net asset value across fewer shares. This means each share will represent a larger portion of Evernorth’s XRP holdings.
The amendment is intended to maintain alignment between the company’s capitalization and the market value of its underlying XRP holdings at closing. It will be a volume-weighted average XRP price, rather than $2.36, as of when the merger agreement was signed.
“Tying the share count to XRP’s value at closing is the right thing to do for Evernorth and our investors,” said Asheesh Birla, founder and CEO of Evernorth Holdings.
Notably, Evernorth Holdings has raised over $1 billion from investors including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR, among others.
XRPN Stock Jumps
Armada Acquisition Corp II’s XRPN stock price has retained its upside momentum despite XRP price drops and Clarity Act delays. XRPN stock hits a new YTD high of $10.50 in premarket hours on Thursday.
The stock closed 0.19% higher at $10.48 on Wednesday. The intraday low and high were $10.45 and $10.49, respectively. Trading volume is also rebounding as Ripple-backed Evernorth Holdings nears a merger after finalizing employment agreements.
XRPN stock is up 2.54% year-to-date as investors await Armada Acquisition Corp’s stockholders and the SEC’s approval of the merger with Evernorth Holdings.
Nasdaq-listed stock has surged nearly 0.30% in the past month, with potential for further upside moves. The 52-week high is $10.91.
Meanwhile, XRP price is trading in the $1-1.02 range after falling more than 3% in a week. The price is currently trading at $1.01, down more than 1% over the past 24 hours.
Furthermore, trading volume has dropped further by 34% over the last 24 hours. However, institutions are increasing exposure via XRP ETFs. As CoinGape reported, JPMorgan revealed holdings in Bitwise and Grayscale XRP ETFs, along with Armada Acquisition Corp II.
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