Summary
- Evernode said it will list on Nasdaq through a SPAC merger and begin trading under the ticker XRPN on Oct. 8.
- The company said the merger will provide $300 million in cash, while some investors contributed XRP in kind.
- Evernode said it will hold about 473 million XRP after the merger, making it the largest among publicly traded companies.
Forecast Trend Report by Period
Evernode, an XRP-based digital asset treasury company, is set to enter the U.S. stock market through a merger with a special purpose acquisition company.
Evernode said on Oct. 1 that shareholders approved its proposed business combination with Nasdaq-listed Armada Acquisition Corp. II at an extraordinary general meeting on Sept. 30.
The merger is set to provide Evernode with $300 million in cash, including a $225 million private investment and an additional $30 million raised through convertible notes. Some investors contributed XRP in kind instead of cash.
Once the transaction is completed, Evernode will hold about 473 million XRP. The company said that would make it the largest XRP holder among publicly traded companies.
The business combination is scheduled to close on Oct. 7. The merged company will keep the Evernode name. Evernode's Class A common stock will begin trading on Nasdaq under the ticker XRPN on Oct. 8.
Chief Executive Officer Asheesh Birla said the public listing would give investors a regulated and transparent way to gain exposure to XRP and participate in the growth of the blockchain economy.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul