Evernorth said on Aug. 27 that the U.S. Securities and Exchange Commission (SEC) had declared its registration statement effective, bringing its proposed merger with Armada Acquisition Corp. closer. II of its finalization.
This development brings the XRP treasury company closer to a Nasdaq listing, although shareholders still need to approve the deal before it can be completed.
Evernorth moves closer to Nasdaq
The company announcement that the shareholders of Armada Acquisition Corp. They will vote on the proposed business combination on September 30, 2026. Closing remains subject to this vote and other customary conditions.
Asheesh Birla, CEO of Evernorth, said the company plans to enter the public markets as the utility of blockchain grows, adding that it expects institutional funding to increasingly be built on-chain. “Evernorth is designed to accelerate XRP’s role in this work,” he noted in the announcement.
The effective registration statement follows a process that began publicly in March when Evernorth filed its Form S-4 as part of its proposed combination with Armada II, a special purpose acquisition company sponsored by Arrington Capital.
As CryptoPotato reported at the time, the filing provided the first detailed look at Evernorth’s plan to give public market investors exposure to XRP through an actively managed treasury. The company then said it had raised more than $1 billion in gross proceeds from institutional and strategic investors, including Ripple, SBI Holdings, Pantera Capital, Kraken and Arrington Capital.
The latest filing moves the transaction past the SEC review stage, but it doesn’t mean the merger is already finalized. If shareholders approve the deal and the remaining conditions are met, the combined company is expected to become listed on Nasdaq under the symbol XRPN, subject to exchange approval.
What the SEC decision changes
The entry into force of the registration statement removes a major procedural hurdle, but as previously noted, shareholder voting remains in the lead.
Evernorth March Deposition describe the transaction proposed as a combination involving Armada II and Ripple. Under the terms of the agreement, holders of company units and Armada shares would receive shares of the resulting public company, subject to the conditions and limitations set forth in the transaction document.
The proposed structure is also different from simply launching an XRP-focused fund. Evernorth is organized as a public company whose strategy is centered on holding and managing XRP. This gives investors exposure through companies’ equity rather than direct ownership of the underlying token.
For XRP holders, the most interesting question might arise after the merger. Evernorth, as previously reported, has raised over $1 billion for its treasury strategy and has said it wants to build what it hopes will be the largest publicly traded XRP treasury company on the Nasdaq, and the community will wait to see if this translates into sustained XRP demand or significant activity on the XRP ledger.
At the time of writing, the fifth-largest cryptocurrency was trading just above $1.40, up almost 10% week-over-week and almost 32% over the past 30 days.
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