Key facts
- Evernorth Holdings received SEC approval for its merger with Armada Acquisition Corp II.
- The combined company is expected to trade on Nasdaq under the ticker XRPN.
- A shareholder vote on the merger is scheduled for September 30, 2026.
- Evernorth aims to establish an XRP treasury to support the XRP ecosystem.
- XRPN stock saw an increase, closing at $10.55.
- XRP price also experienced a rise, trading at $1.46.
Evernorth Holdings, a firm backed by Ripple, has achieved a significant milestone with the U.S. Securities and Exchange Commission (SEC) approving its registration statement on Form S-4. This approval is for the proposed business combination with Armada Acquisition Corp II, a special purpose acquisition company (SPAC). The successful merger would lead to the combined entity trading on the Nasdaq stock exchange under the ticker symbol "XRPN."
Evernorth's CEO, Asheesh Birla, stated that this approval brings them closer to realizing their vision of establishing an actively managed XRP treasury. This treasury is intended to allocate capital towards XRP-based infrastructure and implement strategies aimed at increasing the value of XRP per share over time. The company plans to focus on areas such as tokenization, the XRP Ledger, and providing liquidity for assets including RLUSD. Birla emphasized the growing importance of on-chain institutional finance and Evernorth's role in advancing XRP's position in this domain.
The merger requires approval from Armada Acquisition Corp II's shareholders, with a vote scheduled for September 30, 2026. The news has positively impacted market sentiment, with XRPN stock showing upward momentum, closing at $10.55 on Thursday and maintaining a year-to-date gain of nearly 3.50%. The XRP cryptocurrency price also saw a notable increase, rising over 3% to $1.46. This surge follows recent reports of institutional interest, including significant inflows into XRP ETFs, which recorded $18.47 million on Thursday, contributing to a total of $1.64 billion in inflows.