Evernorth Clears SEC Hurdle for Nasdaq Listing Amid XRP Treasury Innovation

The US Securities and Exchange Commission has declared effective Evernorth's Form S-4 registration statement on August 27, 2026, a crucial step towards its planned listing on Nasdaq. This development clears one of the final regulatory hurdles for the company, paving the way for a special shareholder meeting to vote on the business combination with Armada Acquisition Corp II.

Evernorth's innovative approach to managing its XRP treasury involves actively allocating capital to XRP-based infrastructure and deploying yield strategies to grow XRP per share. This is in contrast to traditional buy-and-hold models, which simply hold tokens without actively engaging with the ecosystem.

The company's investor roster includes a mix of venture capital firms, exchange operators, market makers, and firms tied directly to XRP's own ecosystem, providing credibility and support for its public-market debut. If shareholders approve the deal at the special meeting on September 30, 2026, Evernorth expects to list on Nasdaq under the ticker 'XRPN' in late Q3 or early Q4 2026.