We advised the target companies on the transaction

Davis Polk advised Evernorth Holdings Inc. and Pathfinder Digital Assets LLC on their business combination with Arrington Capital SPAC I Inc. (formerly Armada Acquisition Corp. II), through which Evernorth became a publicly listed company. The business combination closed on October 9, 2026. The combined company was renamed Evernorth Holdings Inc., and its common stock and warrants are expected to commence trading on the Nasdaq Global Market under the ticker symbols “XRPN” and “XRPNW” on October 12, 2026.

Evernorth is an institutional pure-play digital asset treasury company for investment into XRP through public equity markets. Since its inception, Evernorth has been steadfast in building the foundation for its public-market strategy. At closing, Evernorth will hold approximately 473 million XRP and has secured capital from a global group of institutional and digital asset investors.Arrington Capital SPAC I is a special purpose acquisition company incorporated under the laws of the Cayman Islands for the purpose of effecting a business combination with one or more private operating businesses. Its shares were listed on Nasdaq under the symbol “AACI.”

The Davis Polk corporate team included partners Derek Dostal and Evan Rosen, counsel Meaghan Kennedy and Saagar Kaul and associates Alexandre Diniz, Evan McQuiston, Willa Lu and Federico Pollevick. Partner William A. Curran provided tax advice. Partner Travis Triano provided executive compensation advice. Members of the Davis Polk team are based in the New York and São Paulo offices.

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