Evernorth is expected to be the largest public XRP treasury company

Davis Polk advised Ripple Labs Inc. and Evernorth Holdings Inc. in connection with a $1.1 billion equity financing and launch of Evernorth through a business combination transaction with Armada Acquisition Corp. II. The business combination values Evernorth at an enterprise value of approximately $1.4 billion, including $814.7 million in gross proceeds from the PIPE.

Evernorth is an institutional pure-play vehicle for investment into XRP though public equity markets. At closing, Evernorth is expected to be the largest public XRP treasury company, with over 560 million XRP. Evernorth is expected to commence trading on the Nasdaq Global Market under the symbol “XRPN” upon closing of the business combination transaction, pending Armada shareholder approval and other customary closing conditions.

Armada 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 are listed on Nasdaq under the symbol “AACI.”

The Davis Polk corporate team included partners Daniel P. Gibbons, Evan Rosen and Derek Dostal, counsel Meaghan Kennedy and Saagar Kaul and associates Alexandre Diniz, Evan McQuiston and Willa Lu. 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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