"Ripple Labs and Evernorth Secure $1.1 Billion in Equity Financing for Nasdaq Launch"

"Davis Polk advised Ripple Labs Inc. and Evernorth Holdings Inc. on a $1.1 billion equity financing and the launch of Evernorth through a business combination with Armada Acquisition Corp. II, valuing Evernorth at approximately $1.4 billion. Evernorth will focus on institutional investments in XRP and is set to become the largest public XRP treasury company, trading on Nasdaq under the symbol “XRPN” after closing, pending shareholder approval."

Davis Polk advised Ripple Labs Inc. and Evernorth Holdings Inc. in connection with a significant $1.1 billion equity financing and the 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, which includes $814.7 million in gross proceeds from a private investment in public equity (PIPE). Evernorth is positioned as an institutional pure-play vehicle for investment into XRP through public equity markets and is expected to become the largest public XRP treasury company, holding over 560 million XRP. Upon closing of the transaction, Evernorth is anticipated to commence trading on the Nasdaq Global Market under the symbol “XRPN,” pending shareholder approval from Armada and other customary closing conditions. The Davis Polk corporate team involved in this transaction included partners Daniel P. Gibbons, Evan Rosen, and Derek Dostal, along with counsel Meaghan Kennedy and Saagar Kaul, and associates Alexandre Diniz, Evan McQuiston, and Willa Lu. Partner William A. Curran provided tax advice, while partner Travis Triano offered guidance on executive compensation. Members of the Davis Polk team are based in the New York and São Paulo offices.

"Ripple Labs and Evernorth Secure $1.1 Billion in Equity Financing for Nasdaq Launch"

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