Evernorth Secures SEC Nod for Nasdaq Listing Plan
Evernorth Holdings, a digital asset treasury company focused on giving public market investors regulated exposure to XRP (XRP), has cleared a significant hurdle in its path to a Nasdaq listing. The US Securities and Exchange Commission (SEC) has declared effective Evernorth's S-4 registration statement, paving the way for a merger between the firm and Armada Acquisition Corp. II, a special purpose acquisition company.
The planned merger is expected to close in late Q3 or early Q4 2026, pending shareholder approval. As part of the deal, up to 34,499,992 shares of Evernorth Class A common stock and 11,499,992 warrants will be issued through the business combination. The combined company is expected to trade on the Nasdaq under the ticker XRPN.
Evernorth's founder and CEO Asheesh Birla said the company is entering public markets as blockchain utility expands and institutional finance moves increasingly on-chain. He framed Evernorth's purpose as accelerating XRP's role in that shift.