Armada Acquisition Corp. II

Evernorth, which holds and manages XRP, announced on August 13 that it has changed the method for calculating the number of shares to be issued to investors participating in a private placement as part of its business combination for a Nasdaq listing. Previously, the number of shares was calculated based on the XRP price of $2.36 used at the time of the agreement, but going forward it will reflect the volume-weighted average price of XRP at the time the transaction closes. As of August 15, XRP was around $1.00, down about 58% from the $2.36 at the time of the agreement, and based on current prices the number of shares issued is expected to be lower than originally planned. This is expected to reduce the dilution of existing shareholders of special purpose acquisition company Armada Acquisition Corp II compared with the original plan, and increase the proportion of XRP treasury per share. Investors representing more than 95% of committed funds have agreed to the new terms, and Armada II's sponsor has also agreed to adjust founder shares at the same ratio as upfront investors. The business combination is expected to be completed between late third quarter and early fourth quarter of 2026, following SEC review and other processes.

XRP treasury company Avenir North filed with the U.S. Securities and Exchange Commission on the 13th to amend its share count ahead of a Nasdaq listing. The number of shares to be issued upon completion of the business combination is expected to be lower than previously planned relative to Avenir North's XRP holdings if XRP continues to trade below the earlier reference price of $2.36, which would increase the amount of XRP backing each share. The company said investors representing more than 95% of committed capital have agreed to the revised terms. Closing is expected in the latter part of the third quarter to the first part of the fourth quarter of 2026, subject to SEC review and customary conditions. Avenir North is currently proceeding with a listing through a merger with special purpose acquisition company Armada Acquisition Corp. II, and XRP's current trading price of around $1 is well below the $2.36 assumed in the original agreement.

Ashish Birla, CEO of Evernorth, a U.S. firm that holds and manages yield on the crypto asset XRP, told NADA NEWS that while institutional investors frequently declined to invest a decade ago, many financial institutions have now significantly changed their stance, with some even setting up dedicated blockchain teams. The company aims to list on Nasdaq through a merger with SPAC Armada Acquisition Corp. II, and Birla explained that the process is nearing its final stages, having just submitted an amended S-4 to the SEC on July 13. He also commented on the dollar-denominated stablecoin RLUSD, which began circulating in Japan in June via SBI VC Trade, expressing the view that utilizing the DEX on the XRP Ledger will make it easier for Japanese users to participate in the on-chain financial ecosystem. Furthermore, tokenized real-world assets on the XRP Ledger have surged 24-fold over the past 12 months to 3.6 billion dollars, and he predicted that within the next five to ten years, the majority of financial markets will be traded on blockchain.