San Francisco, October 9th / PRNewswire / — Evernorth Holdings, Inc. (Nasdaq ticker: XRPN) announced that it has completed a business merger with Armada Acquisition Corp, a special purpose acquisition company sponsored by Arrington XRP Capital Fund and LP. II (referred to as Armada). Evernorth is a digital asset treasury company aimed at providing institutional investors with access to the XRP economy on a large scale.

Evernorth indicates that its common shares are expected to begin trading on the NASDAQ stock market on October 12, 2026, under the code XRPN.

"In the process of creating Evernorth, our goal is to create something unique: a proactively managed XRP treasury dedicated to supporting ecosystem growth, while also possessing the transparency and governance required by the public market," said Asheesh Birla, founder and CEO of Evernorth. "Completing this transaction today marks an important milestone for the company's official entry into the market. We will deploy capital into the XRP economy to support infrastructure and use cases that can enhance the XRP utility, and we will pursue strategies aimed at increasing the value per share of XRP over time."

According to Evernorth, since its establishment, the company has been laying the foundation for its public market strategy. At the time of the transaction completion, the company held approximately 473 million XRP and had raised a total of about 300 million US dollars in cash, without deducting transaction fees. Evernorth also received capital support from a group of global institutions and digital asset investors, including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR, among others.

With the development of institutional blockchain finance, tokenized assets, on-chain credit markets, and settlement infrastructure will require capital expansion. Evernorth indicates that the company aims to become a source of such capital, proactively deploying it into the XRP economy while adhering to the disclosure, governance, and reporting standards of NASDAQ-listed companies.

"Our belief in XRP has always been based on the assumption that this ecosystem will continue to mature and attract serious builders and capital," added Michael Arrington, the founder of Arrington Capital. "Our support for Evernorth is a natural extension of this judgment. It brings in scaled capital, active participation, and the standards of listed companies, which play a key role in the institutional development of this infrastructure."

Evernorth is expected to ring the NASDAQ closing bell on October 14, 2026. On that day, the company's management, investors, and members of the XRP ecosystem will jointly celebrate its debut in the public market.

About Evernorth

Evernorth Holdings Inc (Nasdaq ticker: XRPN) is a publicly traded digital asset treasury company that provides investors with access to XRP through a regulated, liquid, and transparent structure. Evernorth holds one of the largest XRP treasuries among any listed companies and invests these XRP in operational strategies, ecosystem participation, and capital market activities, aiming to increase the per-share XRP holdings over time. For more information, please visit www.evernorth.xyz.

Consultant

Serves as the sole private placement agent and acts as the capital market advisor for Evernorth. Cohen and Company Capital Markets (a department of Cohen and Company Securities, LLC) as well as Northland Securities and Inc. Also acts as the financial advisor and capital market advisor for Armada Acquisition Corp II.

Davis Polk and Wardwell LLP serve as legal counsel for Evernorth and Ripple. Skadden, Arps, Slate, Meagher and Flom LLP act as legal counsel for Citigroup. Wilson Sonsini Goodrich and Rosati, Professional Corporation serve as legal counsel for Armada Acquisition Corp II.

Forward-looking Statements

This press release contains certain forward-looking statements as defined by the U.S. Federal Securities Laws. Except for statements of historical fact, all statements in this press release, including but not limited to: building a globally leading XRP treasury; the company's future financial performance; the company's ability to execute its business strategy; its market opportunities and positioning; expectations regarding the adoption of XRP by institutions and retail investors; the company's contribution to the growth and maturation of the ecosystem; methods intended to create returns for shareholders; the support for the practicality and adoption of XRP; consistency with the growth of the XRP ecosystem; and becoming a leading institution carrier in XRP; management's assurance of operational independence; elevating the presence of XRP in the capital markets to a new level, as well as other intentions, beliefs, or expectations of management regarding the company's future performance, are considered forward-looking statements. Forward-looking statements typically use words such as "expected," "believes," "continues," "may," "estimates," "expects," "intends," "perhaps," "plans," "potential," "predicts," "projects," "should," "will," "shall," etc. However, the absence of these words does not mean that the relevant statements are not forward-looking.

These forward-looking statements are based on the current expectations and assumptions as of the date of this press release, which are subject to risks and uncertainties that may result in significant differences between actual results and those implied or stated in these forward-looking statements. Such risks and uncertainties include, but are not limited to: the outcome of any legal proceedings that may be initiated against the company or others; the company's ability to maintain its securities listing; the ability to establish and manage the XRP treasury, implement the DeFi revenue strategy, and promote the adoption of XRP by institutions; changes in market, regulatory, political, and economic conditions that affect digital assets in general or the specific performance of XRP; costs arising from becoming a public company; fluctuations in the prices of XRP and other digital assets, the correlation between XRP prices and the value of the company's securities, and the risk of XRP price declines; risks related to intensified competition in the industry in which the company operates currently or in the future; risks associated with changes in laws and regulations applicable to digital assets or securities in the United States or abroad; and the possibility that the company may be adversely affected by competitive factors, investor sentiment, or other macroeconomic conditions.

The list of risk factors mentioned above is not exhaustive. Please carefully consider the factors mentioned above, as well as other risks and uncertainties described from time to time in the documents submitted by Evernorth and/or Armada II to the U.S. Securities and Exchange Commission (SEC), as well as the risk factors listed in this document. These documents have identified and described other significant risks and uncertainties that may lead to material differences between actual results and the content of the forward-looking statements. Other risks and uncertainties that are currently unknown or not considered significant may also result in actual results differing from what is explicitly or implicitly stated in these forward-looking statements. Readers are advised not to rely excessively on forward-looking statements, and neither the parties nor their representatives have any obligation or intention to update or revise these forward-looking statements; these statements are only valid as of the date of issuance of this press release.

Media Contact

Prosek Partners represents Evernorth.

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