Ripple‑backed Evernorth to Go Public via Merger with Armada Acquisition Corp. II in $1B+ Deal

Deal Summary

Evernorth Holdings, backed by Ripple Labs, will go public through a merger with Armada Acquisition Corp. II that is expected to raise over $1 billion, including a $200 million investment from SBI Holdings. Additional backers include Ripple, Kraken, Pantera Capital and GSR, and the combined company will list on Nasdaq under ticker XRPN.