Evernorth Clears Path to Nasdaq Listing as SEC Approves Registration

The SEC has cleared the path for Evernorth Holdings, an XRP treasury company, to list on the Nasdaq. The company's registration statement was declared effective by the SEC, allowing it to merge with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company (SPAC), and go public if shareholders approve the deal during a vote set for September 30.

Evernorth aims to become the world's largest publicly traded XRP treasury company. The firm has already spent roughly $947 million buying XRP in late October, but its value has decreased by hundreds of millions due to the decline in XRP's price. As of Friday, XRP was trading at around $1.37, down more than 5% on the day and well off its July all-time high of $3.65.

Evernorth's backers include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR. The firm plans to actively deploy its XRP treasury through DeFi yield, validator operations, and ecosystem investment. If the vote passes and the remaining closing conditions clear, the combined firm expects to debut on Nasdaq under the ticker 'XRPN'.

Armada shareholders now have until September 28 to decide whether to redeem or ride that structure into a Nasdaq listing. The Securities and Exchange Commission has not endorsed the merger, Evernorth's business model, or XRP as an investment, but has simply cleared the paperwork for the vote to happen.