XRP Treasury Company Evernorth Receives SEC Confirmation of Effectiveness, Plans to Go Public via SPAC Merger on Nasdaq

BlockBeats News, August 28th, XRP Treasury company Evernorth Holdings announced that its S-4 registration statement filed with the U.S. SEC has become effective, advancing the company's subsequent procedures to merge with special purpose acquisition company Armada Acquisition Corp. II and land on the Nasdaq. The effectiveness of the registration does not mean the merger has been completed, and the transaction still requires shareholder approval.

Evernorth plans to operate as a regulated digital asset treasury company, providing public market investors with XRP exposure and deploying funds into XRP-related infrastructure and treasury strategies to increase the amount of XRP per share. The company expects the merger to be completed at the end of this year's third quarter or the beginning of the fourth quarter. Upon completion of the transaction, the merged company intends to trade under the stock symbol "XRPN."

The S-4 filing involves up to 34,499,992 shares of Evernorth Class A common stock and 11,499,992 associated warrants. Evernorth's investors include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR, among others.