• Armada Acquisition Corp. II shareholders approved the Evernorth merger, per The Block on October 1, 2026; closing is reported for October 7 and XRPN trading for October 8.
• The proxy puts the SPAC trust at about $241.9 million as of August 20, 2026, with an estimated redemption price of about $10.52 per share.
• The proxy lists cash PIPE subscriptions of $214.05 million (advance) and $10.5 million (delayed), each paired with a small XRP contribution, alongside much larger in-kind XRP: 126,791,458 from Ripple and 211,319,096 from a sponsor Series C subscription.
• Neither source reconciles the proxy's in-kind contributions with the reported move from about 347 million to about 473 million XRP, so the 473 million figure stays an expectation.
• Redemption results and closing filings are the checks on how much cash and how many tokens actually arrive.

Armada Acquisition Corp. II shareholders approved the merger that turns Evernorth into a Nasdaq-listed XRP treasury company, according to The Block on October 1, 2026. Closing is reported for October 7, with shares expected to trade as XRPN from October 8. The definitive proxy filed with the SEC shows a structure where in-kind XRP matters alongside cash, which is a more useful lens than the roughly $1 billion headline figure.

The cash side is modest

The proxy puts the SPAC trust at about $241.9 million as of August 20, 2026, with an estimated redemption price of about $10.52 per share. Holders had until 5:00 p.m. Eastern on September 28, 2026 to redeem. Its cash PIPE subscriptions are $214.05 million in the advance tranche and $10.5 million in the delayed tranche. The Block's roughly $300 million gross proceeds figure is a trade-press number; final redemption results will decide how much cash actually arrives.

In-kind XRP carries much of the funding

The proxy pairs each cash PIPE tranche with a small XRP contribution, 600,000 and 200,000 tokens. It also lists a 126,791,458 XRP contribution from Ripple through a contribution agreement and a sponsor Series C subscription of about 211.3 million XRP. The Block names Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR as investors. For SBI, the proxy applies a 39.9% ownership limitation, with excess shares issued as convertible Class C stock.

The token count is an expectation, not a holding

The Block reports about 347 million XRP held now and about 473 million expected at closing, a difference of roughly 126 million. The proxy lists several in-kind contributions, but neither source says which are already counted in the 347 million and which arrive at closing. We therefore do not attribute the difference to any one contributor. The token count, not the dollar value, is the figure to track, since the dollar value moves with the XRP price.

What the listing is meant to offer

Evernorth CEO Asheesh Birla told The Block that going public will offer investors a regulated, transparent way to own XRP exposure. That is a founder's claim about the product, not an on-chain-verifiable fact. What can be verified is the token balance, once closing filings and wallet disclosures appear. The vehicle is a listed wrapper around a token reserve, so its value depends on the XRP price and on how the shares trade against the reserve.

What to watch and what stays unconfirmed

Until closing filings appear, the 473 million XRP figure and the October 7 and 8 dates are expectations. The checks that matter are final redemption levels, the post-closing share count, the token count Evernorth discloses, and its custody arrangements. Readers tracking the segment should compare those filings against the headline numbers, and should treat any stated valuation as dependent on the XRP price on the day it was measured.