Latham & Watkins Advises on Evernorth De-SPAC Transaction

Evernorth Holdings Inc., a digital asset treasury company building institutional access to the XRP economy at scale, has announced the closing of its business combination with Armada Acquisition Corp. II, a SPAC sponsored by Arrington XRP Capital Fund, LP. At closing, Evernorth held approximately 473 million XRP and had raised approximately US$300 million in gross cash proceeds, before transaction expenses. The company plans to deploy capital across the XRP economy, supporting infrastructure and use cases that expand XRP’s utility, while pursuing strategies designed to grow XRP per share over time. Evernorth’s common stock began trading on Nasdaq on October 12, 2026, under the ticker XRPN.

Latham & Watkins LLP acted as special counsel to Evernorth in the transaction with a corporate team led by partner Dan Gibbons, with associate Dylan Lojac. Advice was also provided on securities regulatory matters by partner Michele Anderson and on tax matters by partner Andrea Ramezan-Jackson.