Key facts
- Ripple-backed Evernorth Holdings has finalized executive employment agreements.
- Evernorth filed an updated S-4 registration statement with the SEC.
- The company is nearing a merger with Armada Acquisition Corp II.
- The combined entity is expected to trade as XRPN on Nasdaq.
- Evernorth has raised over $1 billion from investors including Ripple and Kraken.
- Evernorth's XRP holdings have decreased to $640 million due to price declines.
Ripple-backed Evernorth Holdings has advanced its plans to become the largest public XRP treasury by finalizing executive employment agreements and filing an updated registration statement with the U.S. Securities and Exchange Commission (SEC).
Amendment no. 5 to Evernorth's Form S-4 reveals details of compensation packages for key executives, including CLO Jessica Jonas, CBO Sagar Shah, and COO Meg Nakamura. Jonas will receive an initial equity award of $4.5 million, while Shah and Nakamura will each receive $2.8 million. These awards are part of Evernorth’s 2026 Omnibus Incentive Plan and are subject to shareholder and board approval.
These agreements follow earlier announcements of compensation details for CEO Ashish Birla and CFO Matt Frymier. The finalization of the leadership team's compensation marks a significant step toward Evernorth's business combination with Armada Acquisition Corp II, a special purpose acquisition company sponsored by Arrington Capital. The merged entity is slated to trade under the ticker XRPN on Nasdaq.
Evernorth has secured substantial backing, raising over $1 billion in gross proceeds from investors such as Arrington Capital, Ripple, SBI Holdings, Pantera Capital, and Kraken. The company has also appointed notable figures to its board, including Ripple CLO Stuart Alderoty and OpenAI Foundation CFO Robert Kaiden.
Despite these corporate developments, the XRP price has experienced a decline, trading around $1.07 and falling over 5% in the past week. This price drop has led to an impairment of Evernorth’s XRP holdings, now valued at $640 million, with the firm announcing a $38.4 million impairment over the last four months. Armada Acquisition Corp II stock has seen a minor dip, raising investor concerns amid the broader XRP price decline.