Key Highlights: Evernorth has finalized its business combination with Armada, setting its public market debut for October 12, followed by a Nasdaq closing bell ceremony on October 14. Led by former Ripple senior executive Birla, the company is deploying a corporate treasury strategy focused on accumulating XRP, institutional lending, liquidity provision, and onchain credit markets. ...
Key Highlights: Special Purpose Acquisition Company (SPAC) Armada is set to merge with Evernorth, taking the crypto-focused entity public. Evernorth is projected to hold roughly 473 million XRP following the deal, representing an estimated valuation of $714 million at a price of $1.51 per token. Armada held $241.2 million in capital at the close of ...
Key Highlights: Calculations indicate roughly 80% of Armada’s trust funds may be returned to shareholders via redemptions, potentially shrinking the public float. Evernorth anticipates holding around 473 million XRP—valued at approximately $714 million at Monday’s price of $1.51—alongside roughly $300 million in gross cash proceeds. The public listing arrives amid post-merger headwinds for digital asset ...