Evernorth Clears SEC Hurdle, Advances Towards Public Listing

Evernorth Holdings has reached an important milestone in its journey to become a publicly traded XRP treasury vehicle. The U.S. Securities and Exchange Commission (SEC) has declared its registration statement effective for a proposed merger with Armada Acquisition Corp. II.

The SEC clearance clears a key procedural hurdle, but it does not complete the merger. Shareholder approval remains outstanding, along with customary closing conditions required to close a Special Purpose Acquisition Company (SPAC) transaction.

Armada II shareholders are scheduled to vote on the transaction on September 30, 2026. If the merger closes, Evernorth's Nasdaq debut could become a test case for whether public investors will support a dedicated XRP treasury strategy at scale.

The development arrives as digital-asset treasury companies continue to test whether public equities can offer investors a different route into crypto markets.