Armada Acquisition Corp II

XRPN

Market cap $323M

SAN FRANCISCO , Nov. 13, 2025 /PRNewswire/ -- Evernorth Holdings Inc. ("Evernorth"), a newly formed Nevada corporation that will enable XRP adoption on an institutional scale, announced today the confidential submission of a draft registration statement on Form S-4 to the U.S. Securities and Exchange Commission (the "SEC"). The submission of the draft registration statement marks an important milestone toward the completion of the previously disclosed proposed business combination between Evernorth and Armada Acquisition Corp. II (Nasdaq: XRPN) ("Armada II"), a special purpose acquisition company sponsored by Arrington Capital, which was announced on October 20, 2025.

Evernorth Holdings Inc, a Ripple-backed crypto venture, announced on Monday that it plans to go public on the Nasdaq via a business combination with Armada Acquisition Corp II (AACI), a publicly traded special purpose acquisition company (SPAC).  The company said it is targeting to raise more $1 billion in gross proceeds, primarily to fund open-market purchases of Ripple (XRP) cryptocurrency to build the world's leading institutional XRP treasury.

Transaction will create the largest public XRP treasury company SAN FRANCISCO , Oct. 20, 2025 /PRNewswire/ -- Evernorth Holdings Inc., a newly formed Nevada corporation ("Evernorth") that will enable XRP adoption on an institutional scale, today announced its public launch and the execution of a business combination agreement with Armada Acquisition Corp II (Nasdaq: AACI) ("Armada II"), a publicly traded special purpose acquisition company. Upon closing of the transaction, the combined company will operate under the Evernorth name and is expected to trade on Nasdaq under the ticker symbol "XRPN," subject to the satisfaction of the listing requirements.

PHILADELPHIA--(BUSINESS WIRE)--Armada Acquisition Corp. II (Nasdaq: AACI) (“Armada” or the “Company”) today announced that it has completed a Sponsor Securities Purchase transaction under which Arrington XRP Capital Fund, LP (“Arrington”) has acquired the securities of Armada Acquisition Corp. II owned by Armada Sponsor II LLC, the (now former) sponsor of Armada. Under the terms of the Sponsor Securities Purchase Agreement, Arrington purchased 7,880,000 Class B ordinary shares, 400,000 Class A.