XRP recovered above $1.50 after briefly falling below $1.47 on Sept. 30, as a reported shareholder vote supporting Evernorth’s merger with Armada Acquisition Corp. II moved the company closer to its planned Nasdaq listing.
Bear Champ, an XRPL collaborator, said he listened to the shareholder meeting and that Armada shareholders had approved the merger.
“Listened in on the Armada/Evernorth merger vote, it passed,” he wrote on X.
The approval allows the proposed deal to move toward closing. Once the remaining conditions are completed, the combined company is expected to trade on Nasdaq under the ticker XRPN.
Evernorth expects the company to hold at least 473.3 million XRP at closing. This amount comes from XRP purchases and contributions connected to the transaction and does not mean the company plans to sell 473 million XRP.
XRP was trading around $1.51, up about 1.89%, as news of the vote spread.
The token had a volatile session on Sept. 30. XRP first climbed toward $1.55 before falling back. It then traded mostly between $1.48 and $1.50 for several hours.
Later, XRP briefly moved back toward $1.54 before slipping again. After dropping below $1.47, the token recovered toward $1.50 and then above $1.51.
The reported merger approval came during this recovery and became one of the factors drawing attention to XRP.
Evernorth’s registration documents say the proposed company could have 473,276,430 XRP or more in its treasury when the transaction closes.
The Nasdaq plan moved forward after the U.S. Securities and Exchange Commission declared Evernorth’s Form S-4 registration statement effective on Aug. 27. Shareholders were scheduled to vote on the merger on Sept. 30.
Armada shareholders who held shares as of Aug. 20 were eligible to vote. Public shareholders could also support the merger while requesting redemption of their shares. The redemption deadline was Sept. 28.
Redemptions could reduce the amount of cash Armada contributes to the combined company. The final amount would depend on financing commitments, closing adjustments and whether investors complete their funding obligations.
Evernorth has described the proposed public company as a vehicle designed to give investors exposure to XRP through its treasury operations.
The company plans to use capital for XRP-related infrastructure and treasury strategies aimed at increasing the amount of XRP held per share. Its plans also include yield strategies, participation in the XRP ecosystem and other capital-market activities.
Evernorth also has a separate $30 million financing agreement that depends on the merger closing.
The agreement covers convertible senior notes with a 4% annual interest rate and a 2031 maturity date. The notes are expected to be issued and funded at the same time as the Armada transaction.
Evernorth said the money could be used for general corporate purposes, including buying XRP and supporting activities connected to its ecosystem. The company has discretion over how much of the financing would actually be used to purchase XRP.
The notes are senior unsecured obligations, and the interest will be paid in kind. That means the interest is added to the outstanding principal instead of being paid as regular cash interest.
Evernorth had also previously disclosed the purchase of about 84.37 million XRP for $214 million in November 2025, at an average price of roughly $2.54 per XRP.
Ripple separately agreed to contribute 126,791,458 XRP as part of the transaction.
Earlier merger filings also included employment agreements for several Evernorth executives. These included Chief Legal Officer Jessica Jonas, Chief Business Officer Sagar Shah and Chief Operating Officer Meg Nakamura.
The agreements provided for annual bonuses equal to 50% of base salary, along with restricted stock units and employee benefits.
Jonas’s initial equity award was valued at about $4.5 million, while Shah and Nakamura each had awards worth around $2.8 million.
An earlier filing also described an initial equity award of about $44 million for CEO Asheesh Birla. The award included vesting conditions tied to continued employment and completion of the proposed transaction.
For now, the merger vote is another step forward for Evernorth’s planned public listing, but the transaction still depends on the remaining closing and listing conditions.
