Holland & Hart advised Armada Acquisition Corp. II (Armada II), a publicly traded special purpose acquisition company, as local Nevada transaction counsel in its definitive business combination agreement with Evernorth Holdings Inc., a newly formed Nevada corporation (Evernorth) that will enable XRP adoption on an institutional scale. Wilson Sonsini Goodrich & Rosati served as primary M&A counsel for Armada II. The public launch and execution of the business combination were announced on October 20, 2025, and upon the expected closing in Q1 2026, subject to customary closing conditions and shareholder approvals, the combined company will operate under the Evernorth name.
The transaction is expected to raise over $1 billion in gross proceeds, with investments from SBI, Ripple, Rippleworks, and leading digital asset and fintech leaders and investors, including Pantera Capital, Kraken, and GSR, with participation from Ripple co-founder Chris Larsen, among others. Net proceeds will primarily fund open-market purchases of XRP to build the world's leading institutional XRP treasury, with a portion allocated to working capital, general corporate purposes, and transaction expenses.
For more information, please see Evernorth’s press release.
The Holland & Hart transactional team, led by partner Gian Brown, served as local Nevada transaction counsel.
Holland & Hart’s Corporate attorneys have extensive experience in mergers and acquisitions and advising clients at all stages of development, from start-ups to large public companies, in a diverse range of industries.