Shareholders of Armada Acquisition Corp. II will vote on September 30 on the proposed business combination with Evernorth, an XRP-focused company seeking to list on Nasdaq under the ticker XRPN. Evernorth currently holds approximately 473 million XRP, making it one of the largest identifiable corporate holders of this asset. If the merger is approved, an additional 30 million dollars in convertible bond financing will be added to the over one billion dollars already raised from investors including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. The structure aims to provide institutional investors with exposure to XRP without the complexities associated with direct token custody and management.
Source: Read the original article
