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AI brief of an SEC Form 8-K · Evernorth Holdings Inc. (XRPN)

Evernorth completes Armada Acquisition Corp II merger; 18.5 million public shares redeemed

Mixed Impact 5 of 5 m&a Written later

Evernorth Holdings, formerly the Armada Acquisition Corp II SPAC, closed its business combination with Ripple's XRP contribution on October 9, 2026, making Pubco the successor registrant. Holders of 18,463,753 public shares redeemed for about $193.6 million, and the filing's pro forma figures show a $264.1 million digital assets impairment for the six months ended June 30, 2026, which weighs on the combined company's results.

Key points

  • Closing took place October 9, 2026; 4,536,247 public shares remained outstanding and about $47.6 million was released from the trust account.
  • Public share holders redeemed 18,463,753 shares for about $193.6 million, or about $10.49 per share.
  • Ripple contributed 126,791,458 XRP tokens; the Closing XRP Price of $1.43069 was below the $2.36609 signing price, and amended agreements reduced the shares issuable to investors.
  • Pro forma digital assets impairment was $264.1 million and pro forma net loss attributable to the parent was $268.7 million for the six months ended June 30, 2026; lock-ups last six months after closing.

The filing

CompanyEvernorth Holdings Inc. (XRPN)
Form8-K, current report
Filed with the SECOct 9, 2026, 4:25 PM ET
Accession number0001193125-26-419146

Items reported: 1.01 Material Definitive Agreement2.01 Acquisition or Disposition Completed3.01 Delisting / Listing Rule Notice3.02 Unregistered Equity Sale3.03 Change to Shareholder Rights5.01 Change in Control5.02 Director / Officer Change5.03 Bylaw / Charter Amendment5.05 Code of Ethics Change5.067.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 11:48 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 09, 2026.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.