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FIGR_HELOC $1.03 Armada shareholders vote on Evernorth XRP treasury merger plan
The proxy projects at least 473,276,430 XRP at closing, but a yes vote is a step toward a Nasdaq listing, not a completed deal.
Key takeaways
- The treasury is projected. The definitive proxy projects a closing treasury of at least 473,276,430 XRP.
- Ripple contributes part of it. Of that projected total, 126,791,458 tokens come from Ripple's contribution.
- Approval is not closing. Closing conditions and Nasdaq requirements remain, and a $30 million convertible financing is conditional on closing.
What happened
Armada Acquisition Corp. II shareholders were scheduled to vote at noon Eastern on September 30 on a business combination built around an XRP treasury. The proposal covers a deal involving Armada, Evernorth Holdings, Pathfinder Digital Assets and Ripple Labs, and it traces back to an October 19, 2025 agreement, as amended.
Under the assumptions stated in the filing, the proxy projects a closing treasury of at least 473,276,430 XRP. Ripple's contributed XRP makes up 126,791,458 tokens inside that total. The transaction also involves a $30 million convertible financing that depends on closing, carrying a 4% payment-in-kind rate.
If shareholders approve and the remaining closing conditions are met, the company expects to list on Nasdaq under the ticker XRPN. The meeting's record date was August 20, and holders could attend in person or online.
Why it matters
A yes vote can authorize the deal, but it does not close it. Before the proposed ticker can stand for the new business, the company must still clear applicable conditions and meet Nasdaq requirements.
The report says the SEC's effectiveness of the S-4 allowed the registration document to support a vote. It adds that this was not an SEC endorsement of XRP's value or of XRPN's investment merits.
Shareholders would hold corporate equity rather than a direct redemption right for a set amount of XRP. Their claim also depends on how many shares are outstanding, on SPAC redemptions and on liabilities and financing.
What the data shows
The number most often repeated is the projected treasury of at least 473,276,430 XRP. Ripple's 126,791,458 tokens sit inside that figure, not on top of it.
The financing term on file is $30 million at a 4% payment-in-kind rate, conditional on closing. CoinGape describes a large Ripple-backed XRP treasury and billions of dollars in capital tied to the vote.
What is still unclear
- At the article's September 30 cutoff, the meeting had not taken place, so no result is reported here.
- A yes vote would move the deal toward a planned XRPN listing. It would not mean the combined company is already trading, and it would not confirm that all projected assets are in place at closing.
- The projected treasury rests on stated assumptions, and the report notes that some coins come from transaction parties while others were bought for cash.
Questions readers ask
What are Armada shareholders voting on?
They are voting on a business combination proposal tied to an October 19, 2025 agreement involving Armada, Evernorth Holdings, merger subsidiaries, Pathfinder Digital Assets and Ripple Labs. The meeting was set for September 30 at noon Eastern, after a September 28 redemption deadline.
How much XRP would the combined company hold?
Under the assumptions in the filing, the definitive proxy projects a closing treasury of at least 473,276,430 XRP, with 126,791,458 tokens contributed by Ripple.
Does a yes vote mean the XRPN listing is done?
No. A vote in favor is a step toward the planned listing, and the company still has to clear conditions and Nasdaq requirements. A separate $30 million convertible financing also depends on closing.
Would XRPN shares give holders a right to XRP?
No. A share buyer would hold corporate equity rather than a direct redemption right for a set amount of XRP. The claim also depends on shares outstanding, SPAC redemptions, liabilities and financing.
