Evernorth’s XRP strategy hinges on one number after Nasdaq vote

Armada Acquisition Corp. II shareholders will vote Sept. 30 on Evernorth Holdings' Nasdaq merger, which would give the XRP treasury firm authorization for up to 10 billion shares as it targets growth in XRP per share.

According to a filing with the US Securities and Exchange Commission (SEC), the proposed charter would authorize 7.4 billion Class A shares, 100 million Class B shares, 2.4 billion Class C shares, and 100 million preferred shares.

The transaction itself covers up to about 34.5 million Class A shares and 11.5 million warrants, leaving Evernorth with substantial unused capacity after the combination closes.

That capacity sits at the center of a broader strategy Evernorth says it will measure by XRP per share. The company expects to enter the public market with more than 473.3 million XRP and plans to increase the amount attributable to shareholders through capital markets activity, institutional and decentralized finance yield strategies, and participation across the XRP ecosystem.

Notably, the SEC declared Evernorth's registration statement effective Aug. 27, clearing the way for Armada shareholders of record as of Aug. 20 to consider the merger. If approved and other closing conditions are met, the combined company expects to list on Nasdaq under the ticker XRPN.