Key facts
- Evernorth Holdings, backed by Ripple, received SEC approval for its merger with Armada Acquisition Corp II.
- The SEC declared Evernorth's Form S-4 registration statement effective, allowing Armada Acquisition Corp II to schedule a shareholder vote.
- Armada shareholders will vote on the merger on September 30; redemption filings are due September 28.
- The combined company aims to list on Nasdaq under the ticker XRPN.
- Evernorth's founder and CEO Asheesh Birla stated the approval is an important milestone toward completing the business combination.
- Evernorth plans to operate as a digital asset treasury focused on XRP, deploying capital through DeFi yield, validator operations, and ecosystem investment.
Evernorth Holdings, a company backed by Ripple, has moved a step closer to listing on the Nasdaq after the U.S. Securities and Exchange Commission (SEC) declared its Form S-4 registration statement effective. This declaration clears the way for Armada Acquisition Corp II, a special purpose acquisition company (SPAC), to schedule a shareholder vote on the proposed merger.
Armada shareholders of record as of August 20 will vote on the deal on September 30, with investors seeking redemption needing to file by September 28. If approved and other closing conditions are met, the combined entity is expected to debut on Nasdaq under the ticker symbol "XRPN" in late Q3 or early Q4.
Evernorth aims to become the world's largest publicly traded XRP treasury company. CEO Asheesh Birla stated that the SEC's effectiveness declaration is an important milestone toward completing the business combination, which he framed as a step toward an actively managed XRP treasury built with transparency and governance. The company plans to deploy its treasury through DeFi yield, validator operations, and ecosystem investment.
Evernorth initially announced its plans in October with over $1 billion raised to buy XRP. However, its own purchases of roughly $947 million in late October were worth significantly less by February, and XRP has continued to decline. The performance of the underlying cryptocurrency can impact the premium that digital asset treasury stocks aim to maintain over their crypto holdings.