Evernorth Inches Closer to Nasdaq Debut as SEC Clears Registration for Armada Merger
XRP treasury firm Evernorth Holdings has taken a significant step towards becoming a publicly traded company after the US Securities and Exchange Commission (SEC) declared its registration statement effective. This milestone allows Armada Acquisition Corp. II, which is proposing to merge with Evernorth, to move forward with a shareholder vote on the proposed deal.
If completed, the combined company will list on the Nasdaq under the ticker symbol XRPN. The approval of the SEC's declaration comes after Evernorth secured over $1 billion in gross proceeds and committed capital from investors, including Ripple, SBI Group, Pantera Capital, and Kraken.
As part of its plans to become a publicly traded company, Evernorth aims to hold and actively manage an XRP treasury while allocating capital to XRP-based infrastructure. According to Asheesh Birla, founder and CEO of Evernorth, the company's model will involve actively managing its XRP holdings and deploying capital across the broader XRP economy.
'We plan to enter public markets as blockchain utility continues to grow, and we believe institutional finance will increasingly be built on-chain,' Birla stated. The SEC's declaration of effectiveness allows Armada to convene a special meeting of shareholders to vote on the transaction, which is one of the final major steps before Evernorth can complete its planned public-market debut.