Evernorth Clears SEC Hurdle for Nasdaq Listing via XRPN

Evernorth has cleared a significant hurdle on its path to listing on Nasdaq. The U.S. Securities and Exchange Commission (SEC) has declared the company's S-4 registration statement effective, paving the way for its proposed merger with Armada Acquisition Corp. II.

The deal involves Evernorth issuing up to 34.5 million Class A shares and about 11.5 million warrants, allowing public market investors to gain regulated exposure to XRP without requiring direct token ownership.

As part of the plan, Evernorth will invest in XRP infrastructure and use treasury strategies aimed at increasing XRP held per share.

The company's backers include Ripple Labs, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR. The SEC action does not represent approval of XRP or the digital asset treasury model, but rather a clearance of the registration and disclosure step for Evernorth.