The 'Largest Pure-Play' XRP Treasury Is About to Go Public
Evernorth, a treasury company built around XRP, has cleared the last major obstacle to going public, with shareholders approving its merger andsetting the stage for a Nasdaq listingnext week.
Thecompany said Wednesdaythat shareholders of Armada Acquisition Corp. II, the blank-check company Evernorth is merging with, voted to approve the business combination at a meeting Sept. 30.
The deal is expected to close Oct. 7, with Evernorth's Class A common stock slated to begin 거래 Oct. 8 under the ticker "XRPN. "
The merger and related fundraising have pulled in more than $1billion. The transaction is expected to generate roughly $300million in gross cash proceeds, including $225million from private placements, $30million in convertible note financing and about $48million in trust proceeds, before expenses.
Investors also contributed XRP directly, and at closing Evernorth expects to hold about 473million XRP, which it says would make it the “largest publicly traded pure-play” XRP treasury company. The firm said 100% of its committed funders are participating.
"Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the 블록체인 economy, " said Asheesh Birla, Evernorth's founder and CEO.
Evernorth is backed by a roster of 암호화폐 heavyweights, including 리플, Pantera Capital, Kraken, SBI Group, GSR, and Arrington Capital. The company first unveiled its plan to go public around a$685million XRP stash, part of a 리플-backed effort to raise $1billion to accumulate the token. It cleared SEC review when its registration statement took effect in late August.
The listing adds XRP to the booming digital-asset treasury trend, in which public companies raise capital to stockpile a single 암호화폐 asset and tie their share price to it, a model pioneered by Michael Saylor's Strategy with 비트코인.
Evernorth said it intends to grow its XRP per share over time through 수익률 strategies, ecosystem participation and capital-markets activity.
The structure carries the familiar risk of the category: the company's fortunes will track XRP's price, which can swing sharply in either direction.
출처: Decrypt