XRP has recovered above $1.50 after falling below $1.47 on Sep. 30, as a reported shareholder vote in favor of Evernorth’s merger with Armada Acquisition Corp. II has advanced the Ripple-backed company’s planned Nasdaq listing.
Summary
- Bear Champ reported that Armada shareholders passed the Evernorth merger vote.
- Evernorth expects the combined company to hold at least 473.3 million XRP at closing.
- The proposed XRPN listing and a separate $30 million financing agreement remain tied to completion of the transaction.
XRP traded around $1.51, up roughly 1.89%, as news of the vote circulated. The publication attributed the result to Bear Champ, an XRPL collaborator who said on X that he had listened to the shareholder meeting.
“Listened in on the Armada/Evernorth merger vote, it passed,” Bear Champ wrote.
Under Evernorth’s disclosed transaction terms, shareholder approval would allow the proposed combination to proceed toward closing, with the company expecting to trade on Nasdaq under XRPN once the remaining closing and listing conditions are satisfied.
XRP regains $1.50 after repeated intraday reversals
In the Sep. 30 session, XRP climbed toward $1.55 earlier in the day before retreating. The token then spent several hours trading mainly between $1.48 and $1.50, before renewed buying carried it back toward $1.51.
During another advance around midday, XRP briefly reached approximately $1.54. The price subsequently slipped toward $1.50 again, with a later recovery following a drop below $1.47.
The merger vote was a catalyst for the rebound. Its account placed XRP’s latest recovery alongside the reported shareholder approval, while the price sequence showed several gains and pullbacks within the same trading session.
For the proposed public company, Evernorth’s registration materials describe an expected treasury balance of at least 473,276,430 XRP at closing. The disclosed figure combines token purchases and commitments from transaction participants, rather than representing a planned sale of 473 million XRP.
Evernorth’s Nasdaq plan follows an effective SEC registration
On Aug. 28, crypto.news covered the September shareholder vote after the U.S. Securities and Exchange Commission declared Evernorth’s Form S-4 registration statement effective on Aug. 27. The report identified the shareholder meeting, remaining closing conditions and Nasdaq listing requirements as separate steps in the transaction. Eligible voters were Armada shareholders who held shares on the Aug. 20 record date.
According to the definitive proxy materials described in that coverage, public shareholders could support the merger while separately requesting redemption of their shares. The deadline for submitting redemption requests was Sep. 28, two business days before the meeting.
The proxy materials also explained that redemptions could reduce the cash Armada contributes to the combined company. Final proceeds would depend on financing commitments, closing adjustments and investors meeting their funding obligations.
For U.S. stock investors, Evernorth’s Aug. 27 announcement described the proposed company as a public-market vehicle offering exposure to XRP through its treasury operations. In the same SEC-filed announcement, the company stated that neither the SEC nor any state securities regulator had approved or rejected the transaction or assessed its merits or fairness.
Evernorth said it plans to allocate capital to XRP-based infrastructure and pursue treasury strategies intended to increase XRP per share. Its disclosed plans include yield strategies, participation in the XRP ecosystem and capital-market activities.
A $30 million financing agreement depends on closing
In a Sep. 21 report on Evernorth’s conditional debt financing agreement, the publication detailed a proposed issuance of $30 million in convertible senior notes carrying 4% annual interest and maturing in 2031.
According to Evernorth’s SEC disclosure, the agreement was signed on Sep. 11 with NH Investment & Securities Co., acting as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. Payment for the notes and their issuance are scheduled to occur concurrently with the Armada business combination.
Evernorth told the SEC that proceeds could fund general corporate purposes, including XRP purchases and other activities within the token’s ecosystem. The disclosed terms leave the company discretion over how much of the financing goes toward acquiring XRP.
Under the note agreement, interest is paid in kind, meaning it is added to the outstanding principal rather than paid as regular cash interest. The filing identifies the notes as senior unsecured obligations.
The Sep. 21 coverage also detailed an earlier purchase of approximately 84.37 million XRP for $214 million in November 2025, at an average price of about $2.5366 per token. Separately, the transaction agreements disclosed a contribution of 126,791,458 XRP from Ripple.
Executive agreements formed part of earlier merger filings
On July 30, a report on Evernorth’s executive compensation filing described Amendment No. 5 to its Form S-4 registration statement. The amendment disclosed employment agreements for chief legal officer Jessica Jonas, chief business officer Sagar Shah and chief operating officer Meg Nakamura.
According to the amended filing, each executive became eligible for an annual bonus equal to 50% of base salary, alongside restricted stock units and employee benefits. Jonas’s initial equity award was valued at approximately $4.5 million, while Shah and Nakamura were each assigned awards worth about $2.8 million.
Under the disclosed 2026 Omnibus Incentive Plan, the awards remained subject to shareholder approval and authorization from the board’s compensation committee. The July report also described an earlier filing that outlined an approximately $44 million initial equity award for CEO Asheesh Birla, with vesting conditions tied to continued employment and the proposed transaction.
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