Evernorth Nears Nasdaq Listing with SEC Filing Effective
Evernorth Holdings Inc.'s path to a Nasdaq listing is getting clearer after the SEC declared its Form S-4 effective on August 27. This development clears the way for an Armada II shareholder vote on September 30, with holders of record as of August 20 eligible to participate.
The merger between Evernorth and Armada Acquisition Corp. II (Nasdaq: XRPN) plans to take the XRP treasury company public. Evernorth founder and CEO Asheesh Birla stated that this milestone brings them 'one step closer to delivering on our vision' of an actively managed XRP treasury.
The new entity will operate differently from traditional digital asset treasury companies, focusing on deploying capital through XRP lending, liquidity provision, decentralized finance, and broader ecosystem participation. Evernorth is also working with t54, a financial technology company that provides verification, risk, and compliance tools for AI-powered transactions.
Revised financing terms announced in August changed how XRP's market value will determine private-placement share issuance at closing. The new formula replaces the original $2.36 XRP benchmark with a volume-weighted average price at closing, which could reduce shares issued and increase each Armada II share's proportional interest in the treasury.